Grupo TMM Reports 2021 First Quarter Financial Results
Grupo TMM, S.A.B., a Mexican Maritime-management transportation and logistics Company, reported yesterday its financial results for the first quarter of 2021.
José F. Serrano, Chairman of Grupo TMM, said, “Thanks to our proven experience, the determination of our General Management to reinvent the Company, and the work of our collaborators, Grupo TMM remains the best option for maritime transport, logistics, warehousing and distribution, offering clients quality integrated services.
“The Company believes that the gradual post-pandemic economic recovery and opening of the markets will continue and allow us to achieve significant growth in our operations, develop profitable projects through strategic alliances, and capitalize on opportunities in the industry that leverage the strengths of the Company.”
FIRST-QUARTER 2021 OPERATING AND FINANCIAL RESULTS
Consolidated revenue for the first quarter of 2021 was $268.2 million, compared to $358.9 million in the same period of 2020. The Company continues with its diversification and customer service strategy, which has allowed it to reduce the impact of COVID-19 for more than a year, and economic and energy industry recoveries have been modest.
Consolidated operating results first quarter reported a loss of $99.9 million, of which $49.2 million was non-recurrent operations, representing 49.3 percent, basically due to a parcel tanker vessel sale.
Maritime revenue in the first quarter of 2021 was $175.9 million, mainly due to bad weather at the port of Houston, Texas lowering the volume transported by Parcel Tankers; and partially offset by an increase in the number of projects in the Shipyard segment due to the gradual industry recovery.
Maritime operating income in the first quarter of 2021 was $2.8 million.
Maritime EBITDA in the first quarter of 2021 was $7.6 million; EBITDA margin was 4.3 percent.
Ports and Terminals revenue in the first quarter of 2021 was $63.2 million, mainly due to the prolonged restriction on mobility and the closure of borders because of the COVID-19 pandemic, which caused the total stoppage of cruise ships since March of 2020, as well as the interruption of gravel maneuvers in Tuxpan.
Ports and Terminals operating results in the first quarter of 2021 reported a loss of $6.8 million.
Ports and Terminals EBITDA in the first quarter was $2.9 million; EBITDA margin was 4.5 percent.
Warehousing Services revenue in first quarter 2021 were $29.1 million.
As of March 31, 2021, Grupo TMM’s net debt was $91.6 million, and our cash position was $115.5 million.
Source: Grupo TMM, S.A.B.