TMM ASSETS SALE, RAIL PERFORMANCE LEAD TO 3RD-QUARTER PROFIT
Transportacion Maritima Mexicana reported a third-quarter net profit of
$9.3 million, compared to a year-earlier loss of $4.2 million, due to sale of non-core
assets and a record performance of its railroad venture.
The net profit for the quarter ending Sept. 30 included $1.3 million
profit from investment in TFM, its railroad subsidiary. Last year’s
third-quarter loss included a $10.2-million loss attributable to TMM’s
investment in the railroad.
Third-quarter net revenue was $212.9 million, compared with $218.7
million for the year-earlier period.
TMM has completed 72 percent of its planned sales of non-core assets, or
about $153 million, generating $131 million in net proceeds.
Non-core asset sales include nine container vessels, Tex-Mex locomotives and other rail
equipment.
Transatlantic overcapacity continued to plague Americana Ships, the
company’s joint venture with CP Ships, though rates appear to be
rebounding, said Javier Segovia, president of TMM. Americana Ships’ volumes for September
were up 21 percent over January. For the nine months of operation, TMM’s share of
venture’s revenue was $337.7 million, with a gross profit of $18.8 million.
For the January-September period, TMM’s net revenues were $617.7 million,
compared with $681.7 million for the year earlier. The company reported a net loss of
$124.2 million, which includes a $127 million of book loss related to the sale of
non-core assets, including $15.4 million loss related to the company’s investment in TFM.