TMM REPORTS 3RD-QUARTER NET INCOME OF $5.1 MILLION

TMM REPORTS 3RD-QUARTER NET INCOME OF $5.1 MILLION    Transportacion Maritima Mexicana, S.A. de C.V. reported third-quarter net income of $5.1 million, compared with a loss of $11.2 million in the same quarter of 2000.
   TMM's net unconsolidated revenues, which includes its specialized maritime, logistics, port and terminal and TexMex operations, were $85.7 million, down 10 percent.
   Third quarter 2001 comparisons to the year-earlier period were impacted by the elimination of car carrier and other vessel operating revenues on unprofitable routes ($9.5 million); the sale of several agency and truck brokerage services to CP Ships ($12 million); and the significant track rebuilding efforts at TexMex ($1 million). The decrease in revenues was partially offset by growth in supply ships ($2.5 million) and port operations ($4.6 million). These revenue adjustments and business mix changes produced an operating income for the quarter of $8.9 million, up 23 percent.
   TMM is the largest Latin American multimodal transportation and logistics company and owner of the controlling interest in Mexico’s busiest railway, TFM.
   Grupo TFM’s third-quarter operating income rose 7.6 percent to $41.1 million, on revenue of $168 million, up 1.7 percent. It's operating ratio improved to 75.6 percent, from 76.9 percent for the third quarter of 2000.
   TMM's specialized maritime division saw operating income of $4.7 million, up from $726,000 for the year-earlier period. Revenue was down 16.3 percent to $29.7 million, due to a significant reduction of unprofitable car carrier and other vessel traffic.
   Port facilities saw operating income jump 38.1 percent to $8.7 million on revenue of $24.9 million, up 22.7 percent.
   Logistics operating income was down significantly to $354,000, from $1.5 million, while revenue fell 11.0 percent to $20.2 million. The variance was attributed to the sale of several agency and truck brokerage operations in 2001 to CP Ships. The division also reported a new contract with Procter and Gamble and expanded contracts with Chrysler, Ford, General Motors and Nissan.
   TexMex unit reported flat operating results. Revenue fell 33.7 percent to $11.6 million, due largely to reduced access to the rail line in the final phase of a track rehabilitation program announced in early 2001.