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TMM REPORTS FOURTH QUARTER EARNINGS

 MEXICO CITY, Feb. 24 /PRNewswire/ -- Transportacion Maritima Mexicana (NYSE: TMM) today announced results for the fourth quarter and year ended Dec. 31, 1992.
 Revenues for the 12 months ended Dec. 31, 1992 were $466.9 million, an increase of 19 percent over the $392.1 million reported during the same period of 1991. Operating income for the year was $35.1 million, an increase of 98 percent over that reported in 1991.
 Net income for the 12 months ended Dec. 31, 1992 was $42.8 million or $0.87 per share, compared with $51.8 million, or $1.08 per share, reported during the same period of 1991. The 1991 figure included the cancellation of a provision of $8.4 million related to certain tax incentives, recovery of asset taxes of $8.1 million and a $14 million gain on extinguishment of debt related to one ship. Weighted average shares outstanding were 47.781 million and 56.963 million during the 1991 and 1992 periods respectively.
 Revenues for the three months ended Dec. 31, 1992 were $126.2 million, up 21 percent from the $104.3 million reported in the fourth quarter of 1991. Operating income in the fourth quarter was $4.9 million, an increase of $3.3 million over that reported during the same period in 1991.
 Net income for the three months ended Dec. 31, 1992 was $12.5 million, or $0.22 per share, compared with $23.9 million, or $0.50 per share reported during the same period in 1991 which included a profit of $14 million from the gain on extinguishment of debt related to one ship, and recovery of $2.1 million in asset taxes.
 1992 1991 1992-4Q 1991-4Q
 Profit before non-
 recurring items $43.3M $20.2M $12.9M $7.9M
 Non-recurring items -$0.5M $31.5M -$0.5M $15.9M
 Net profit $42.8M $51.8M $12.5M $23.9M
 TMM prepares and reports its financial statements in accordance with International Accounting Standards.
 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 throughout the world.
 TRANSPORTACION MARITIMA MEXICANA, S.A. de C.V. AND SUBSIDIARIES
 Consolidated Statement of Income
 (Unaudited, millions of dollars)
 Period Ended Three Months Year
 December 31, 1992 1991 1992 1991
 Revenue from freight
 and services 126.242 104.293 466.864 392.115
 Cost of freight and services (97.057) (83.102) (347.437) (305.683)
 Depreciation of vessels and
 operating equipment (6.951) (5.859) (25.654) (21.962)
 (104.008) (88.961) (373.091) (327.645)
 Gross profit 22.234 15.332 93.773 64.470
 Administrative expenses (17.339) (13.730) (58.708) (46.782)
 Operating income 4.895 1.602 35.065 17.688
 Financial expenses (3.930) (4.556) (30.623) (19.593)
 Financial income 11.046 11.642 40.304 30.005
 Exchange gain (loss) net (1.634) (1.951) (1.929) (6.964)
 5.482 5.135 7.752 4.448
 Other income (expense) net 2.336 14.775 2.603 24.293
 Income before taxes 12.713 21.512 45.320 46.429
 Provision for taxes 0.629 3.026 (1.119) 7.129
 Income before minority
 interest 13.342 24.538 44.201 53.668
 Minority interest (0.863) (0.674) (1.401) (1.792)
 Net income 12.479 23.864 42.800 61.766
 Weighted average outstanding
 shares (millions) 56.073 47.781 49.128 47.781
 Earnings per share
 (dollars/share) 0.22 0.50 0.87 1.08
 Outstanding shares at end of
 period (millions) 56.963 47.781 56.963 47.781
 Earnings per share
 (dollars/share) 0.22 0.60 0.75 1.08
 -0- 2/24/93
 /CONTACT: Pedro Mejorada of TMM, 011-525-606-0444, or Cathleen Mayrose of Dewe Rogerson, 212-688-6840, for TMM/
 (TMM)


CO: Transportacion Maritima Mexicana ST: IN: MAR SU: ERN

LD-TM -- NY078 -- 0144 02/24/93 18:31 EST
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Date:Feb 24, 1993
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