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TRANSPORTACION MARITIMA MEXICANA, S.A. DE C.V. REPORTS SECOND QUARTER AND FIRST HALF RESULTS

 MEXICO CITY, July 27 /PRNewswire/ -- Transportacion Maritima Mexicana, (NYSE: TMM/TMM.A), today announced results for the second quarter and first half ended June 30, 1993.
 Revenues for the second quarter of 1993 decreased by 1.3 percent to U.S. $118.4 million, compared with U.S. $120 million reported for the same period of 1992. This decrease resulted from lower activity levels in TMM's care carrier and dry bulk services. Operating income for the quarter fell to U.S. $6.1 million from the U.S. $9.2 million reported during the comparable period in 1992. Net income for the second quarter 1993 was $6.1 million versus $9.2 million for the same period in 1992.
 Revenues for the six months ended June 30, 1993 were U.S. $223.3 million, a decrease of 1.9 percent from the U.S. $227.6 million reported during the same period in 1992. Due to higher costs associated with the addition of a seventh ship in TMM's Far East service, already reported in the first quarter, consolidated gross profit for the first half of 1993 fell by 17 percent to U.S. $37.6 million from U.S. $45.3 million for the same period in 1992. A decline in gross margins and higher administrative expenses, which increased 11 percent due to the revaluation of the new Peso and inflation in Mexico, led to a lower consolidated operating income of U.S. $7.0 million compared to U.S. $20.3 million for the same period in 1992.
 Net income for the first six months of 1993 was U.S. $17.7 million, versus a net income of U.S. $19.6 million for the same period in 1992.
 RECENT DEVELOPMENTS
 In June of 1993, PEMEX, the state-owned oil producer, awarded TMM a seven year contract for a 30,000 DWT product tanker to transport refined products within Mexico. In the month of July, the company exercised an option to purchase a tanker for U.S. $21.5 million and was awarded by PEMEX an additional five year contract for a 60,000 DWT tanker which will also operate in the Mexican trade.
 In June 1993, TMM reached an agreement with the investor group that bought Fresh Del Monte Produce incorporating a new company whose main objective will be to serve the transportation requirements of Fresh Del Monte Produce and third party cargoes on a worldwide basis.
 TRANSPORTACION MARITIMA MEXICANA, S.A. de C.V. AND SUBSIDIARIES
 Consolidated Statement of Income (A)
 (millions of dollars)
 Periods Ended Three Months Six Months
 June 30, 1993 1992 1993 1992
 Revenue form freight
 and services 118.425 119.987 223.296 227.553
 Cost of freight and services (88.743) (91.503) (172.164) (169.639)
 Depreciation of vessels and
 operating equipment (6.973) (6.027) (13.488) (12.610)
 (95.716) (97.530) (185.652) (182.249)
 Gross profit 22.709 22.457 37.644 45.304
 Administrative expenses (16.649) (13.244) (30.678) (25.004)
 Operating income 6.060 9.213 6.966 20.300
 Financial expenses (9.509) (6.910) (15.187) (14.724)
 Financial income 10.077 7.324 18.352 17.727
 Exchange gain (loss) - net (0.226) (0.069) 0.826 (2.165)
 0.342 0.345 3.991 0.838
 Other income (expense) - net 0.522 0.458 8.099 0.305
 Income before taxes 6.924 10.016 19.056 21.443
 Provision for taxes (0.564) (0.632) (0.797) (1.399)
 Income before minority
 interest 6.360 9.384 18.259 20.044
 Minority interest (0.214) (0.162) (0.562) (0.485)
 Net income 6.146 9.222 17.697 19.559
 Weighted average outstanding
 shares (millions) 56.526 49.736 56.742 49.736
 Earnings per share
 (dollars/share) 0.11 0.19 0.31 0.39
 Outstanding shares at end of
 period (millions) 55.791 56.782 55.791 56.782
 Earnings per share
 (dollars/share) 0.11 0.16 0.32 0.34
 TRANSPORTACION MARITIMA MEXICANA, S.A. de C.V. AND SUBSIDIARIES
 Consolidated Balance Sheet (A)
 (millions of dollars)
 Periods Ended June 30, 1993 Dec. 31, 1992
 Current assets:
 Cash and cash equivalents 337.216 214.251
 Marketable securities 50.846 55.676
 388.062 269.927
 Accounts receivable:
 Customers 59.557 55.598
 Other accounts receivable 49.696 42.372
 Prepaid expenses 2.300 1.468
 Total current assets 499.615 369.363
 Vessels, equipment and property - net 270.448 270.822
 Vessels under construction 190.063 20.861
 Other assets 27.975 24.326
 988.101 685.372
 Current liabilities:
 Bank loans and current maturities
 of long term liabilities 28.148 46.560
 Suppliers 13.353 15.913
 Other accounts payable and
 accrued expenses 52.263 42.216
 Total current liabilities 93.764 104.689
 Revenue and costs of voyages in
 process - net 18.236 17.996
 Long-term liabilities
 Bank loans and other obligations 555.894 239.664
 Other long-term liabilities 5.323 5.215
 Total long-term liabilities 561.217 244.879
 673.217 367.564
 Minority interest 7.917 6.549
 Stockholders' equity:
 Capital stock 106.411 106.411
 Premium on sale of stock 68.629 68.629
 Reserve for repurchase of shares 0.056 10.000
 Retained earnings 195.121 189.469
 Initial translation loss (63.250) (63.250)
 306.967 31.259
 988.101 685.372
 (A) Prepared in accordance with International Accounting Standards
 -0- 7/27/93
 /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: SU: ERN

TM-MG -- NY099 -- 6509 07/27/93 18:44 EDT
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Date:Jul 27, 1993
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