For the first quarter of 2010, the company posted a net loss of $41.12m, compared to a net income of $4.83m for the prior year period. Revenue from freight and services was $81.15m, compared to $79.96m for the year ago period.

The company said that higher operating profit in the 2010 first quarter was due mainly to lower costs and expenses, as well as to improved operating profit at the Port and Terminals and Maritime divisions compared to the 2009 period.

Consolidated EBITDA in the 2010 first quarter increased 49.4 percent, or $7.6m, to $23m compared to $15.4m in the same period in 2009.

Jose Serrano, chairman and CEO of Grupo TMM, said: “Year over year, TMM's first-quarter 2010 consolidated revenues remained steady, consolidated operating profit doubled and consolidated EBITDA improved significantly. We believe TMM's cash flows will continue to improve as we increase our fleet utilization during 2010 and eliminate non-productive and non-strategic assets.

“Our business strategy to renew our Maritime fleet with modern and high quality vessels through long-term financing with no recourse to the company has positioned us to take advantage of the increased demand for oil exploration in Mexico's deep waters. TMM's management remains dedicated to strengthening the company's industry leadership and increasing shareholder value in the long term.”

Will the company improve its performance in Q2?

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