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)