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THE EMERGING MEXICO FUND REPORTS EARNINGS

 THE EMERGING MEXICO FUND REPORTS EARNINGS
 NEW YORK, Feb. 25 /PRNewswire/ -- The Emerging Mexico Fund, Inc.


(NYSE: MEF), a closed-end, non-diversified management investment company seeking long-term capital appreciation through investments primarily in equity securities of Mexican companies, today announced its performance for the quarter ended Dec. 31, 1991, the second quarter of its fiscal year.
 During the quarter ended Dec. 31, 1991, the fund had a realized and unrealized net gain of $9,989,546, or $1.99 per share. Net investment income for the period was $116,811, equal to $0.023 per share. For the six months ended Dec. 31, 1991, the fund had a realized and unrealized net gain of $19,299,783, or $3.85 per share. Net investment income for the period was $191,831, or $0.038 per share. There are no comparable periods in the fund's prior fiscal year since the fund did not commence investment operations until Oct. 11, 1990.
 On Dec. 31, 1991, total net assets of the fund were $92,133,259, and the net asset value per share was $18.39 based on 5,009,000 shares outstanding. The fund's net asset value per share increased 6.7 percent from the net asset value per share of $17.23 at its initial year end at June 30, 1991. This increase does not take into account the $2.723 dividend that was payable to shareholders at Dec. 31, 1991.
 Of the fund's $92.1 million in net assets, 98.3 percent was invested in Mexican equities and 16.6 percent in Mexican government short-term obligations. Liabilities, which consisted primarily of the dividend payable, in excess of other assets accounted for 14.9 percent of total net assets.
 A major portion of the fund's equity investments at Dec. 31, 1991 was in the following industries: Retail (21.61 percent of net assets); Construction (19.10 percent); Communication (17.54 percent); Industrial Conglomerates (15.15 percent); and Food, Beverages, Tobacco (11.71 percent).
 As of Dec. 31, 1991, the fund's ten largest Mexican common stock holdings (in decreasing order), representing 73.08 percent of net assets, were in:
 -- Telefonos de Mexico, S.A. de C.V.
 -- Cifra, S.A. de C.V.
 -- Cementos Mexicanos, S.A. de C.V.
 -- Empresa Tolteca de Mexico, S.A. de C.V.
 -- Vitro, S.A. de C.V.
 -- Grupo Carso, S.A. de C.V.
 -- Kimberly-Clark de Mexico, S.A. de C.V.
 -- Cementos Apasco, S.A. de C.V.
 -- Fomento Economico Mexicano, S.A. de C.V.
 -- Grupo Industrial Bimbo, S.A. de C.V.
 The fund's investment advisor is Santander Management Inc., a wholly-owned subsidiary of Banco Santander. Copies of the fund's prospectus and/or annual report are available by calling 800-852-4750.
 -0- 2/25/92
 /CONTACT: Bruce D. Katz, treasurer of the Emerging Mexico Fund, 212-713-2928; or Marissa Moretti of Dewe Rogerson, 212-688-6840, for the fund/
 (MEF) CO: The Emerging Mexico Fund, Inc. ST: IN: FIN SU: ERN


GK-AH -- NY060 -- 2427 02/25/92 14:28 EST
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Date:Feb 25, 1992
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