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TRANSPORTACION MARITIMA MEXICANA ANNOUNCES 1991 YEAR-END RESULTS; NET INCOME UP 62 PERCENT

 TRANSPORTACION MARITIMA MEXICANA ANNOUNCES 1991 YEAR-END RESULTS;
 NET INCOME UP 62 PERCENT
 MEXICO CITY, March 2 /PRNewswire/ -- Transportacion Maritima Mexicana S.A. de C.V. (TMM), Mexico's largest maritime shipping company, today announced results for the year ended Dec. 31, 1991. Revenues for 1991 were US$392.1 million, a 2.5 percent decline compared to US$402.3 million for the year ended Dec. 31, 1990. The drop is a result of the company's decision to reduce its bulk shipping activities. Operating profit for the year rose to US$17.7 million compared to US$16.3 million in 1990. TMM reduced operating expenses. in part, by leasing containers to third parties Net income in 1991 grew 62 percent to US$51.8 million or US$1.09 per share, compared to US$32 million, or US$.67 in 1990.
 Gross profit was US$64.5 million compared to US$50.3 million in 1990. Gross cash flow (gross margin plus depreciation) increased to US$73.8 million from US$52.3 million for 1990, an increase of 41 percent over the previous year.
 Despite increased competition facing TMM's Northern Europe, Mediterranean and Far East lines, TMM strengthened its dominant position in the Mexican market by expanding its range of activities to include transport services, in addition to liquid storage and port management. In 1991, TMM purchased certain assets of the port of Veracruz, when the port was privatized.
 The company's already strong car carrier business grew, benefiting from the increase in car exports from Mexico during 1991.
 Commenting on the results, Jose Serrano Segovia, chairman of TMM, said, "We expect our results for 1992 to continue to improve based on actions already taken to consolidate our leading position in Mexico's international trade. For example, the joint service between our Northern Europe and Mediterranean lines will create greater efficiency in the fleet. By reassigning two vessels in our Brazilian routes, we anticipate increases in volume and efficiency. In our Far East service, we expect the volume of trade to increase due mainly to anticipated transport of cargo for a new electric plant and automobile factory. With the consolidation of multimodal services for the car industry, our market share in the car carrier business should increase. And in the dry bulk cargo area, we expect to recapture the leading position in Mexico. In addition, our profitable port services business should benefit from the expansion of Veracruz' storage terminal."
 TMM is Mexico's largest maritime shipping company and a leader among world carriers serving Mexico. A full-service shipping company, TMM's network includes 21 offices in Mexico and affiliates and subsidiaries through the world. Through its subsidiaries, TMM offers specialized services such as land transportation of containers, ship management, port service agencies, storage of bulk chemical and liquid products, railroad transport, as well as load and discharging services.
 TMM's ADRs representing its Series L shares trade under the Cusip number 893868-10-9. Citibank is the depositary bank. TMM recently signed an agreement with Nacional Financiera (Nafinsa) to establish certificados de participacion ordinaries (CPOs) based on its Series A shares.
 TRANSPORTACION MARITIMA MEXICANA S.A. DE C.V. AND SUBSIDIARIES
 (Income Statements)
 (In thousands of dollars)
 1991 1990
 Total revenues $392,115 $402,289
 Operating costs 305,683 331,729
 Depreciations 21,962 20,302
 Cost of fleets and services 327,645 352,031
 Gross profit 64,470 50,238
 Administrative expenses 46,782 33,955
 Operating profit 17,688 16,303
 Interest expenses 19,688 12,347
 Interest income 30,005 12.653
 Net financial expenses (10,317) (306)
 Exchange loss/gain (5,964) (1,049)
 Other revenue (net) 15,961 23,945
 Extraordinary gains 16,505 --
 Pre-tax profit 54,507 39,505
 Taxes 949 5,507
 Profit before minority interest 53,558 33,998
 Minority interest 1,792 2,024
 Net income 51,766 31,974
 Operating cash flow 39,650 36,605
 Gross cash flow 73,728 52,276
 Balance Sheets
 (In thousands of Dollars)
 December: 1991 1990
 ASSETS
 Cash on hand an in banks $7,740 $12,775
 Short-term investments 252,047 100,699
 Available cash 259,787 113,474
 Customers 50,385 53,473
 Other accounts and notes receivable 32,467 22,489
 Total current assets 342,639 189,436
 Maritime transportation equipment 178,384 171,433
 Containers 32,342 21,407
 Railway equipment 11,143 7,917
 Truck equipment 2,463 2,736
 Real estate and other assets 37,010 29,942
 Total fixed assets 261,342 233,435
 Investments in company's shares 469 285
 Amortization expenses 106 198
 Other assets 7,769 8,280
 Total other assets 8,342 8,763
 Total assets 612,323 431,634
 LIABILITIES
 Bank loans $101,813 $21,895
 Suppliers 11,421 7,024
 Taxes 6,272 4,359
 Other accounts payable 40,593 33,464
 Short-term liabilities 160,099 66,742
 Long-term bank loans 212,121 143,094
 Voyages in progress 18,377 17,174
 Other deferred credits -- 5,159
 Deferred liabilities 18,377 22,333
 Contingency reserve 21,825 36,367
 Total liabilities 412,422 268,536
 Minority investment in subsidiaries 3,736 3,374
 Capital stock 89,975 84,647
 Premium on sale of shares 2,365 2,365
 Reserves and accrued profits 115,233 127,676
 Reserve for repurchase of share -- (23,764)
 Accumulated initial result (63,174) (63,174)
 Profit for the period 51,766 31,974
 Stockholders' equity 196,165 159,724
 Total of liabilities and
 stockholders' equity 612,323 431,634
 -0- 3/2/92
 /CONTACT: Luis Guitierrez of Transportacion Maritima Mexicana, 011- 525-665-7744, or Fern Lazar of Dewe Rogerson, 212-688-6840, for Transportacion Maritima Mexicana/ CO: Transportacion Maritima Mexicana S.A. de C.V. ST: IN: MAR SU: ERN


KD-TS -- NY040 -- 3958 03/02/92 12:22 EST
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