TMM REPORTS $1 MILLION FOURTH-QUARTER PROFIT

   Transportacion Maritima Mexicana reported a $1 million net income for the fourth quarter of 1998, compared to a $10 million loss in the year-earlier period, despite a fall in profits from liner shipping.

   Operating income for the TMM group dropped to $15 million in the latest quarter, from $19 million in the fourth quarter of 1997. TMM said that gross profit on liner shipping decreased by 30 percent, to $35 million, from $50 million in the year-earlier quarter.

   The company moved back to the black in the fourth quarter thanks to profits before financial expense of $11 million made on TMM’s interest in TFM, a rail joint venture.

   Group revenue dipped to $217 million, from $231 million.

   For the year, TMM reported a net deficit of $15 million, compared to a loss of $21 million in 1997. Operating income was $56 million, slightly down on the $57 million income reported in 1997.

   Revenue for 1998 was $899 million, 2 percent below the $914 million revenue for the previous year. TMM said that the fall in revenue was caused by the ending of certain liner services of its subsidiary Transportacion Maritime Grancolombiana and the restructuring of TMM’s transpacific service.