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 MEXICO CITY, Oct. 28 /PRNewswire/ -- Grupo Tribasa, S.A. de C.V. (NYSE: GTR), a Mexican construction firm engaged in infrastructure development, today reported consolidated revenues of 1.612 billion new pesos (U.S. $517 million) for the first nine months of 1993, up 1.9 percent over the corresponding period a year earlier. Consolidated operating earnings were 545 million new pesos (U.S. $175 million), up 65.0 percent over the same period in 1992.
 The company said its gross profit margins were 41 percent, up from 31 percent for the full year of 1992. "The 1993 figures reflect favorable results on the company's current projects -- particularly in the Mexico City area," said Grupo Tribasa Chief Financial Officer Christopher H. Lee. "Generally, we expect gross profit margins to range in the mid-30's."
 Tribasa's consolidated net earnings for the first nine months of 1993 were 242 million new pesos (U.S. $78 million) compared to 277 million new pesos during the comparable period in 1992. Earnings were 1.84 new pesos per ordinary share, or 3.69 new pesos (U.S. $1.18) per American Depositary Share (ADS). (There is no comparable prior period for earnings per share, as the company first offered stock to the public in September 1993.) Net earnings for 1992 reflected a gain of 200 million new pesos (U.S. $64 million) on the securitized financing of the Toluca toll road. "Securitization of future revenues for certain toll road assets enables Tribasa to accelerate payback on its equity investment in these projects," Mr. Lee said. "Securitization also strengthens Tribasa's balance sheet by substituting non-recourse funding for construction-related debt, which is removed from the company's balance sheet."
 Comparison between the first nine-month periods of 1992 and 1993 is also affected by the merger into Tribasa in May 1993 of two previously independent companies. They are Ciesa, engaged in bridge construction, and Gimsa, a firm that has participated in major construction projects with Pemex, the Mexican state-owned oil company. Including results of these companies on a pro forma basis, and excluding the after-tax effects of the gain on the Toluca financing, net earnings for the first nine months of 1993 were up 4.0 percent over the corresponding period of 1992. The improvement in operating earnings, and the reduction in minority interests due to restructuring of the Tribasa group, were largely offset by increased financing costs due to the company's higher average level of indebtedness during the period and by increased losses in joint ventures.
 The nine-month figures announced today were prepared in accordance with Mexican generally accepted accounting principles and presented in constant new pesos as of Sept. 30, 1993. Dollar conversion figures, presented above for convenience, are based on the rate of 3.12 new pesos per U.S. dollar.
 Tribasa also announced two transactions completed since Sept. 30, 1993. On Oct. 8 it closed a securitized financing for the Chamapa-La Venta highway, which reduced indebtedness by 200 million new pesos. During October it issued 5,100,000 shares of common stock pursuant to the exercise of options granted to the underwriters of its initial public offering, increasing its outstanding shares by 4.0 percent. The total net proceeds of Tribasa's initial public offering now amount to 944 million new pesos, which have been applied to reduce indebtedness and to invest in the company's business.
 Grupo Tribasa is one of Mexico's leading construction companies and has been an active participant in the government's program to privatize infrastructure development, beginning with toll roads. Tribasa's strengths lie also in the construction of railroads, ports, bridges, dams, tunnels, drainage systems and airports. The company is a major builder of industrial facilities and a manufacturer of construction materials. Tribasa has demonstrated an ability to obtain local and international financing and to bring projects in on time and on budget.
 -0- 10/28/93
 /CONTACT: William J. Jenks or Peter Firestein of Broadgate Consultants, 212-229-2222, for Grupo Tribasa/

CO: Grupo Tribasa, S.A. de C.V. ST: IN: CST SU: ERN

TM-JS -- NY109 -- 8271 10/28/93 20:10 EDT
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Publication:PR Newswire
Date:Oct 28, 1993

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