Grupo TMM reports declines in third quarter earnings
Grupo TMM, S.A.B. has reported its financial results for the third quarter and first nine months of 2011. Compared to the same periods of last year, third-quarter and first nine-month 2011 revenue decreased 8.0% to $6.8bn from $7.4bn in 2009 and 11.7% to $20.4bn from $23.1bn, respectively, mainly due to revenue reductions at Maritime.
Third-quarter and first nine-month 2011 consolidated operating profit decreased 28.6% and 17.5%, respectively, compared to the same periods of 2010.
Maritime revenue in the third quarter and first nine months of 2011 decreased 12.9% and 16.7%, respectively, compared to the same periods of last year. Third-quarter and first nine-month 2011 operating profit for the division was down 29.5% and 31.4%, respectively, compared to the same periods of last year. These reductions were partially offset by revenue and profit increases at harbor tugs, due to increased vessel calls at Manzanillo (Mexico), and to higher revenue per call.
Year over year, in the 2011 first nine months, offshore revenue decreased 20.4% to $76.1m, negatively impacted by lower average daily tariffs, lower utilization and three less vessels in operation.
Ports and Terminals third-quarter and first nine-month 2011 revenue increased 25.4% and 20.1%, respectively. Year over year, operating profit in the 2011 third quarter remained unchanged at $1.0m and in the 2011 nine months increased 2.3%.
Revenue increased 57.9% at the automotive segment to $6.0m, and gross profit improved 83.3%, due to higher volumes.
Logistics revenue decreased 4.4% in the 2011 period. Excluding $6.7m of revenue from the sale of assets in April 2010, Logistics revenue increased 3.5% in the first nine months of 2011 compared to the same period of 2010. The increase in the first nine months of 2011 was mainly attributable to higher revenue at the auto hauling segment, which improved 32.8% compared to the same period of last year, as a result of higher volumes.
Quelle: eyefortransport
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