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Grupo TMM registers solid first quarter


Grupo TMM S.A. de C.V. April 26 reported first-quarter revenues from consolidated operations of $243.7 million, increasing 2.5 percent compared with $237.8 million for the same 2001 period.
Quarterly operating income increased $3.1 million from $38.7 million and net income, $7.3 million from $4.6 million.
The company also reported quarterly revenues from unconsolidated operations of $89.6 million, rising 7.7 percent compared with $83.2 million last year.
Grupo TMM's quarter was impacted by a one-time $8.1 million net gain from the recent sale of MexRail Inc. to TFM S.A. de C.V.
"While the first quarter is seasonally our poorest performing period of the year, we did see strong volume trends in March and April that, we believe, are indicative of growth," said Grupo TMM President Javier Segovia in a prepared statement.
Meanwhile, TFM's quarterly net revenue improved 1 percent; its operating profit, 13 percent; and its operating ratio 2.5 points (to 77.3).
The railroad also increased quarterly chemical carloads by 23 percent; automotive, 8 percent; industrial commodities, 7 percent; cement and minerals, 8 percent; and intermodal, 10 percent.

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More News from 4/29/2002