High Utilization at Maritime has Grupo TMM Tracking Ahead of 2012 - Analyst Blog
21 Mai 2013 - 3:47PM
Zacks
On May 16, 2013 Grupo TMM (OTC:GTMAY) the
Mexican intermodal transportation and logistics Company, released
results for its first quarter ended March 31,
2013.
Maritime remains the dominant division at Grupo TMM. The Company's
offshore business continued with high utilization and Ports and
Terminals reported increased auto exports at Acapulco, particularly
South America bound, as well as higher volumes at maintenance and
repair.
As a result, Grupo’s consolidated revenue for the first quarter
fiscal 2013 was strong at $837.0 million pesos, improving year over
year by $27.9 million pesos, from $809.1 million pesos for the
comparable quarter of 2012.
The improvement in year over year sales for the segment was
primarily due to a 7.9 percent revenue increase at offshore, as a
result of higher average daily tariffs, to having two additional
vessels in the fleet and to improved utilization, which grew from
92.4 percent in the 2012 first quarter to 95.7 percent in the 2013
reported quarter. Additionally, parcel tanker revenue improved 26.1
percent year over year due to higher volumes, and harbor towage
revenue grew 9.3 percent due to an improved revenue mix
attributable to the Liquefied Natural Gas, or LNG,
services.
![](http://staticzacks.net/images/zacks/blogs/1369141149_scaled_425.jpg)
Grupo’s Maritime revenue for the first quarter improved nearly 5
percent or by $25.6 million pesos year over year to $554.5 million
pesos.
Maritime operating profit for the quarter increased 16.8 percent
year over year as a result of revenue increases at offshore and
harbor tugs. Operating margin increased to 20.8 percent from 18.6
percent in the 2012 first quarter.
Also worth noting is that Maritime's EBITDA for the 2013 first
quarter grew 9.2 percent to $257.4 million pesos compared to $235.8
million pesos in the 2012 first quarter. Likewise, EBITDA margin at
Maritime improved in the 2013 first quarter to 46.4 percent
compared to 44.6 percent in the 2012 first quarter.
Excluding other income net in both reported periods, consolidated
operating profit in the 2013 first quarter was $35.9 million pesos,
improving 13.6 percent from $31.6 million pesos in the 2012 first
quarter. Other income net was $10.5 million pesos in the 2013 first
quarter and mainly included $5.9 million pesos in cash dividends
from affiliates and $1.6 million pesos in net tax recoveries. In
the 2012 first quarter, other income net of $27.5 million pesos
included $28.7 million pesos in cash dividends from affiliates,
offset by a $1.3 million peso reserve for expenses associated with
an arbitrage at the Maritime division.
Consolidated EBITDA in the 2013 first quarter was $203.7 million
pesos compared to $213.6 million pesos in the 2012 first
quarter.
The Ports and Terminals segment continued its trend of revenue
growth, improving by $20.9 million pesos to $97.7 million pesos.
Likewise, the Ports and Terminals segment’s operating profit during
the 2013 first quarter increased 37.9 percent compared to the 2012
first quarter, largely due to profit improvements at Acapulco and
at maintenance and repair, specifically at the Veracruz, Manzanillo
and Altamira facilities.
As of March 31, 2013, TMM's total net debt was $9,891.7 million
pesos. The Company paid approximately $395.0 million pesos of its
Trust Certificates debt, including a capital prepayment of $5.0
million pesos. Of Grupo TMM’s total debt, only $239.1 million pesos
or 2.4 percent is short term. This compares to $332.6 million
pesos or 3.1 percent of total debt being short term as of December
31, 2012.
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