Grupo TMM Reports 4Q, Full-Year 2005 Results

Wednesday, March 01, 2006
Grupo TMM, S.A. reported earnings of $0.41 per share for the fourth quarter of 2005 compared to a loss of $1.62 per share a year ago, and earnings of $3.02 per share for the full year of 2005 compared to a loss of $1.80 per share in the same period of last year. TMM reported the following results for the fourth quarter: Revenue of $88.3 million, up 30.2 percent from $67.8 million the previous year; Operating income of $2.8 million, up from an operating loss of $0.1 million a year ago; Operating margin of 3.2 percent, up 3.3 percentage points from the previous year; Net income of $23.6 million compared to a net loss after discontinuing operations of $92.3 million the previous year. Net income in the fourth quarter of 2005 included a loss resulting from post-sale adjustments on the sale of the Company's interest in Grupo TFM to Kansas City Southern of $5.6 million, net of income taxes. TMM reported the following results for the full year: Revenue of $306.6 million, up 22.2 percent from $251.0 million the previous year; Operating income of $5.1 million, up from $3.4 million a year ago; Operating margin of 1.7 percent, down 0.3 percentage points from the previous year; Net income after discontinuing operations of $171.8 million, up from a net loss after discontinuing operations of $102.5 million the previous year. Net income after discontinuing operations for the full year of 2005 included a gain on the sale of the Company's interest in Grupo TFM to Kansas City Southern of $198.0 million, net of income taxes. Net financial expenses of $19.2 million were recorded in the fourth quarter of 2005 compared $39.1 million incurred in the fourth quarter of 2004.
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