Grupo TMM has completed the sale of its truck and auto hauling assets and operations.
The sale of these “non-strategic” logistics assets represents the elimination of “important” operating losses going forward, according to the Mexican intermodal transportation and logistics company. Furthermore, Grupo TMM plans to continue to work on alternatives to improve its balance sheet, while seeking to focus on new opportunities in its maritime and ports assets.
The company’s board of directors approved the sale of the transportation company’s logistics assets in May 2013. As a result, the logistics operations were presented as discontinued operations in the company’s second-quarter earnings report.
Grupo TMM reported a net loss of 235.1 million Mexican pesos (about US$18.3 million) in the second quarter of 2013, with total revenue of 716.4 million pesos. Maritime revenue improved 12.9 percent year-over-year in the second quarter, and revenue from ports and terminals rose 11.6 percent.