Cintra, S.A. de C.V. and subsidiaries   

               Unaudited Income Statement   

           (Thousands of pesos as of June 30, 2004)

  

                            Second Quarter         Cumulative

                          2004       2003       2004       2003

   

OPERATING REVENUES:

 

 Domestic Passengers 4,056,193  3,642,809  7,704,112  7,149,208

 International

 Passengers          2,784,188  2,454,195  5,499,405  5,108,091

 Cargo                 333,511    293,197    634,402    595,602

 Others              1,185,343    901,095  2,054,379  1,526,732

 

TOTAL REVENUES       8,359,234  7,291,296 15,892,298 14,379,634

 

OPERATING EXPENSES:

 

 Wages, Salaries

 & Benefits          2,508,570  2,510,377  4,975,083  5,053,349

 Jet Fuel & Lubs     1,501,557  1,059,100  2,780,568  2,292,274

 Traffic and

 Stopover Services     866,078  865,212    1,713,205  1,736,424

 Maintenance           743,189  728,396    1,466,775  1,474,492

 Service to Passengers 228,077  232,282      448,826    454,626

 Commissions to Agents 568,849  522,127    1,077,096  1,040,477

 Promotion & Sales     506,871  514,622      929,975    922,296

 Insurance             111,450  155,415      230,288    329,380

 General and

 Administrative        287,171  288,822      570,300    583,051

 

TOTAL OPERATING

EXPENSES             7,321,811 6,876,353  14,192,116 13,886,368

 

EBITDAR              1,037,424   414,943   1,700,182    493,266

 

CAPITAL EXPENSES

 

 Rents                885,146   778,068   1,747,827   1,609,036

 Depreciation         214,399   256,261     454,120     520,523

  

TOTAL CAPITAL

EXPENSES            1,099,545 1,034,329   2,201,947   2,129,559

 

OPERATING INCOME     (62,121) (619,386)   (501,765)  (1,636,293)

 

 

INTEGRAL RESULT OF FINANCING

 

Financial Expenses     97,179   89,456     169,564      185,990

Exchange (Income)

Loss Net              121,210  (83,835)    102,683       14,652

(Gain) Loss on

Monetary Position     (6,142)    1,453   (104,142)     (81,371)

  

TOTAL INTEGRAL RESULT

OF FINANCING          212,247    7,075     168,105      119,272

 

OTHER (INCOME)

EXPENSES              110,468   98,766     208,401      163,274

 

EXTRAORDINARY

EXPENSES               16,067   32,510      22,503       41,857

 

INCOME BEFORE TAX   (400,903) (757,737)   (900,774)  (1,960,696)

 

TAXES                 46,331   (46,141)     21,549     (161,675)

 

NET CONSOLIDATED

INCOME (LOSS)      (447,235)  (711,596)   (922,323)  (1,799,021)

 

MINORITY INTEREST   (22,971)   (17,536)    (42,574)     (35,299)

 

NET INCOME (LOSS)  (470,206)  (729,132)   (964,897)  (1,834,320)

 

CASH FLOW           (45,179)    283,061   (996,339)  (1,065,974)

 

OUTSTANDING SHARES

(Millions)            992.4       992.4      992.4        992.4

 

EARNINGS (LOSS)

PER SHARE (pesos)   (0.474)     (0.735)     (0.972)     (1.848)   

 

CASH FLOW

PER SHARE (pesos)   (0.046)      0.285      (1.004)     (1.074)

  

 

 

                                 2nd Q ´04       1st Q ´04

BALANCE SHEET

 

 Current Assets                  6,272,187       5,901,464

 Fixed Assets net                7,653,440       7,679,781

 Other Assets                    5,653,521       5,622,129

 Total Assets                   19,579,148      19,203,374

 

 Current Liabilities            10,779,454      10,321,011

 Long Term Liabilities           6,807,420       6,756,275

 Minority Interest                 110,424          86,348

 Stockholders' Equity            1,881,850       2,039,740

 Total Liability + Equity       19,579,148      19,203,374

 

(As of June 2004 on the New York Foreign Exchange, one USD = 11.51 pesos; one peso = 0.086881 USD)