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TUBOS DE ACERO DE MEXICO REPORTS RESULTS

 TUBOS DE ACERO DE MEXICO REPORTS RESULTS
 MEXICO CITY, Oct. 29 /PRNewswire/ -- Tubos de Acero de Mexico, S.A.,


today issued the following results for the nine months ended Sept. 30, 1992 and 1991, presented in millions of Mexican pesos with purchasing power as of Sept. 30, 1992.
 TUBOS DE ACERO DE MEXICO, S.A. AND SUBSIDIARIES
 Consolidated Statements of Earnings
 Nine months ended Sept. 30 1992 1991
 Net sales P 691,397 P 1,093,598
 Cost and expenses:
 Cost of products sold (512,530) (780,729)
 Selling, general and admin. expenses (105,028) (143,926)
 Integral financing (cost) - inc. (A) (25,886) (59,594)
 Other (expenses) income, net (C) (104,078) 793
 Total costs and expenses (747,522) (983,456)
 Earnings before taxes (56,125) 110,142
 Tax on net assets (20,308) (17,775)
 Net earnings (loss) P(76,433) P 92,367
 Mexican pesos
 Net earnings (loss) per common
 share (B) P(1,394.38) P 1,892.18
 (A) -- Integral financing (cost) income. Integral financing cost includes the following items:
 1992 1991
 Gain on net monetary position P 76,853 P 118,769
 Interest and financing expenses (98,299) (142,876)
 Foreign exchange loss (4,440) (35,487)
 Total P(25,886) P (59,594)
 (B) -- Net earnings per common share. Net earnings per common share for each one of the nine-month periods ended Sept. 30, 1992 and 1991, were computed by dividing consolidated net earnings by the weighted average number of shares (54,815,000 in 1992; 48,815,000 in 1991) of common stock outstanding.
 (C) -- Other (expenses) income, net. The composition of other expenses is as follows:
 1992 1991
 Severance payments (58,975) --
 Plant shutdown and start-up costs (21,222) --
 Losses from affiliated companies (6,021) (3,921)
 Others (17,860) 4,714
 Total (104,078) 793
 -0- 10/29/92
 /CONTACT: Alfredo Freyssinier of Tubos de Acero de Mexico S.A., 905-726-9013/ CO: Tubos de Acero de Mexico, S.A. ST: IN: SU: ERN


GK-OS -- NY084 -- 6812 10/29/92 17:10 EST
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Publication:PR Newswire
Date:Oct 29, 1992
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