TMM’S LOSS WIDENS
Transportacion Maritima Mexicana reported a net loss of $18 million for
the first quarter, compared to a deficit of $5 million in the year-earlier
period.
Revenue for the latest quarter, including the company’s share of the
revenue of Americana Ships, the new TMM/CP Ships joint venture, was $193 million, down 15
percent.
TMM said that the decrease was due mainly to lower liner revenues.
Operating result for the quarter was a loss of $3 million, compared to a
profit of $10 million in the first quarter of 1998.
TMM said that transatlantic freight rates fell by about 15 percent in
the first quarter, compared to the year-earlier period.