TRANSPORTACION MARITIMA POSTS 62 PERCENT RISE IN '91 NET INCOME

TRANSPORTACION MARITIMA POSTS 62 PERCENT RISE IN '91 NET INCOME

Transportacion Maritima Mexicana SA de C.V., Mexico's largest maritime shipping company, reported a 62 percent increase in net income in 1991 but a slight drop in revenue.

Revenue for 1991 was $392.1 million, a 2.5 percent decline compared with $402.3 million for the year ended Dec. 31, 1990.The drop is a result of the company's decision to reduce its bulk shipping activities, officials said.

Operating profit for the year rose to $17.7 million compared with $16.3 million in 1990.

The line reduced operating expenses, in part, by leasing containers to third parties.

Net income in 1991 jumped 62 percent to $51.8 million, or $1.09 a share, compared with $32 million, or 67 cents a share, in 1990.

Gross profit was $64.5 million compared with $50.3 million in 1990.

Despite increased competition facing Northern Europe, Mediterranean and Far East lines, Transportacion strengthened its position in the Mexican market by expanding its range of activities to include transport services, in addition to liquid storage and port management.

In 1991, it purchased some assets of the Port of Veracruz, when the port was privatized.

The company's car-carrier business grew, benefiting from an increase in car exports from Mexico during 1991.