Transportacion Maritima Mexicana Reports First Quarter 2001 Financial Results

- 8 Cents Earnings Per Share for TMM

- Closing of Securitization Program This Week

- Approval From CNBV (Mexican SEC) To Proceed in Principle with Merger of

Two Classes of Shares

- Cost Reduction Program Expanded

- Earnings Forecasts For 2001 Continues on Target

- TFM Equity Options Described



Apr 30, 2001, 01:00 ET from Transportacion Maritima Mexicana, S.A.

    MEXICO CITY, April 30 /PRNewswire/ -- Transportacion Maritima Mexicana,
 S.A. de C.V. (NYSE:   TMM and TMM/A), the largest Latin American multi-modal
 transportation and logistics company, announced first quarter 2001 results
 with net revenues of $237.8 million for TMM, the consolidating parent company
 of TFM.  Additionally, TMM earned operating income of $38.7 million and net
 income before taxes of $60.4 million.
     In the first quarter, unconsolidated TMM reported net revenues of
 $83.2 million compared with $82 million in the first quarter 2000, an increase
 of 1.5%, despite a slowdown in North American economic activity.  Operating
 income for the quarter was $7.1 million, compared with $8.1 million in 2000,
 net income before taxes in the quarter was $3.4 million compared with
 $2.2 million in 2000, and net income was $4.6 million, or $0.08 per share, as
 compared with $6.5 million or $0.11 per share in the same quarter in 2000.
     TFM reported net revenues of $156.1 million compared with $146.7 million
 in the first quarter 2000, an increase of 6.4%.  Operating income for the
 quarter was $31.6 million, compared with $40.3 million in 2000, and net income
 was $24.6 million, as compared with $16.9 million in the same quarter in 2000.
 The company additionally noted that even though first quarter is traditionally
 the slowest time of year, March was the highest freight bill count in TFM's
 history, producing a 70.1% operating ratio, and an operating profit for the
 month of $23.8 million.
     TMM reported EBITDA of $65.2 million for the three months ended
 March 30, 2001, compared with $73.5 million in the same period last year.
 Unconsolidated TMM obtained EBITDA of $13.4 million in the first quarter
 compared with $14.3 million in 2000 and TFM reached EBITDA of $52.2 million
 compared with $60 million for 2000.
     The company reported that administrative costs in the first quarter were
 $12.4 million, compared with $12 million in 2000, primarily due to peso
 appreciation.  In the fourth quarter of 2000, the company stated that SG&A
 would continue to decline substantially by at least $8 million annually.  In
 the first quarter, the company reduced SG & A by $4 million dollars on an
 annualized basis, which will begin to be reflected in second quarter results.
 The company has set a goal of SG&A representing 7% of revenues over the next
 several years in spite of peso appreciation.  Moreover, interest costs are
 expected to be reduced substantially in 2001 to $43 million from $59 million
 in 2000.
     Additionally, the company described how within the next 20 days a
 conclusion would be reached regarding the remaining equity owned by the
 government in TFM.  TMM has proposed to the government a comprehensive
 settlement related to all the remaining equity (including the call, the put,
 the redundant line credit, and the VAT Lawsuit) or the company would pursue
 exercising the call option at Grupo TMM and would accelerate its Value Added
 Tax lawsuit in relation to the put option.   Either course of action the
 company believes would be additive to book value, earnings, and cash flow.
     Jose Serrano, chairman and CEO, said:  "We are pleased to have made great
 progress toward completing many of the initiatives we laid out in the fourth
 quarter conference call.  Our program to financially consolidate TMM and TFM
 has led to a stronger, healthier company, poised to improve return on assets
 and significantly increased cash flow.  We expect 2001 to be an exciting year
 for TMM and are confident that our rail, port operations, specialized
 maritime, trucking, and logistics businesses, will generate cash and build
 profitability in the near and long-term."
     Javier Segovia, president of TMM added: "We found a great deal to
 encourage us during the first quarter, including the completion of a
 securitization program this week to strengthen our balance sheet, progress on
 the merger of the two share classes and confirmation through various court
 rulings of $16 million in tax refunds expected later this year. Overall TMM is
 better positioned than any other company in Mexico to take advantage of the
 current and future growth strategy of the country that is now set in motion."
     Segovia continued, "We have made significant operating changes that are
 designed to improve the return on assets and generate increased EBITDA.  We
 were encouraged by the strong performance of the TFM rail operation in March
 with a 70.1% operating ratio and are confident in achieving our prior
 forecasts for 2001 even with the slowness at the beginning of this past
 quarter."
     TMM's Mexican-based business components include: 1) multi-modal logistics
 facilities throughout the country; 2) the world class TFM Railroad; 3) the
 Texas Mexican Railway; 4) ownership and management of key Mexican port
 facilities; 5) diverse trucking operations; 6) a specialized marine transport
 division; and 7) the continuation of alliances with leading transportation and
 distribution companies.  These units collectively allow TMM to continue to
 market a full range of non-owned alliance assets.
 
     PORT OPERATIONS
     The company reported that its port facilities revenues increased over 20%
 in the first quarter of 2001 compared with first quarter last year. Francisco
 Kassian, president of TMM's Port and Terminals business noted that the
 Manzanillo operations continued to perform at peak levels of efficiency, and
 that berth positions would continue to expand as more vessel operations
 utilize the company's services with larger ships.
     Kassian also reported that the Tuxpan Port project (the nearest port to
 Mexico City), a 494-acre facility owned by TMM, will become a superior port
 expansion opportunity. He said, "Large container shipping companies have shown
 a tremendous amount of interest in positioning larger ships at this site.  The
 company also reported that construction on the highway linking Mexico City to
 Tuxpan has begun.  Kassian said, "The very nature of this river port allows an
 18-meter depth, far exceeding Veracruz's current capacity.  Also, Tuxpan is
 protected from high wind conditions that traditionally reduce operational
 effectiveness throughout the year at Veracruz.  We are excited by the future
 of this business."
 
     TFM RAIL OPERATIONS
     Despite the slow down in the U.S. market that was felt beginning in
 November of 2000, first quarter revenues for TFM continued to grow as compared
 with last year.  TFM's operating profit for the quarter was $31.6 million,
 producing an operating ratio of 79.8% as compared with $40.3 million in the
 first quarter of 2000 with a corresponding operating ratio of 72.5%. Mario
 Mohar, CEO and president of TFM and president of Tex-Mex Rail, noted, "In the
 month of March alone, however, our operating ratio was 70.1% and our operating
 profit was  $23.8 million, 75% of the first quarter's total.
     Mohar noted that the operation is beginning to see a clearer picture of
 volume trends that have been occurring since November.  He said, "As we look
 at our volume base during the first quarter, in spite of the dire, negative
 sentiments from U.S. markets, auto grew by 7%, intermodal by 14%, metals and
 minerals by 8%, industrial products by 9% and agro-industrial by 8%. Chemicals
 and petrochemicals fell by 5%. As stated earlier overall growth increased by
 6.4%.  We are still optimistic that TFM will perform on an annualized basis
 consistent with the 16% revenue growth projection. While the first two months
 of volume were slow, traffic began to pick up in February and strengthened in
 March."
     TFM highlighted other factors that impacted performance in January and
 February including higher fuel prices than first quarter 2000, resulting in
 additional costs of approximately $1.4 million for the quarter, and increased
 car hire and labor costs.
     Mohar added, "We were able to eliminate 32 surplus locomotives discussed
 in our fourth quarter results. This action will reduce our costs by $1 million
 dollars per quarter. Furthermore, we are developing pre-blocking and pre-
 clearing agreements with Kansas City Southern and Burlington Northern Santa Fe
 on the TexMex, eliminating the need for redundant switching and using the
 TexMex as a more efficient railroad to and from TFM.
     "Because of the steps we have taken to improve congestion and reduce car
 hire, costs should fall by $5 million on an annualized basis.  Fuel should
 fall by $1.1 million per quarter, if prices continue at April levels, and all
 of these actions should assure that TFM returns to the low 70% operating ratio
 level."
     As stated earlier, March volume for the unit improved dramatically. Mohar
 concluded, "We still expect to attain 16% growth this year, taking TFM to
 $743 million of net revenues and an operating ratio of 72%, for the full year.
 Our demonstrated abilities to reduce and control costs in March, and new
 programs, such as Roadrailer, customs brokerage and growth in our commodity
 base, will assure that we reach our previously stated goals."
 
     TEXMEX RAIL OPERATIONS
     TMM's Rail Operations reported that problems with TexMex operations began
 to surface during the fourth quarter of 2000. Mario Mohar noted that, "We
 experienced a number of derailments and related congestion problems. Over the
 years, we have taken the right steps to expand volume. However, in the fourth
 quarter of 2000 and the first quarter of 2001, we simply outgrew our line haul
 capacity sooner than we expected. Revenue increased by 11.3% in the first
 quarter, but TexMex was not operating in an efficient manner."  The company
 reported that the unit failed to contribute operating profit and EBITDA.
     Mohar continued, "As we described to you in February, we have taken
 actions to correct the congestion problems, and more importantly, we are
 taking aggressive steps to fix TexMex's capability once and for all. At the
 TexMex Board Meeting on April 18th, the Board approved a plan for a 10 year
 off balance sheet financing agreement with Alstom, which will allow us to
 invest $40 to $45 million to rehabilitate and expand all of TexMex's track.
 This initiative will result in an increase of main line speed from
 30 to 49 mph over the next 18 months."  Mohar additionally noted that TexMex
 has acquired the Rosenburg Victoria Line, an important strategic acquisition,
 reducing the distance between Laredo to Houston and Beaumont by 70 miles. We
 expect TexMex revenues to grow exceptionally and costs to fall, improving
 operating profits starting in third quarter 2001."
 
     SPECIALIZED MARITIME
     TMM reported that its Specialized Maritime division added an additional
 supply ship. Silverio Di Costanzo, general director of TMM's Specialized
 Maritime Group, said, "This fireboat is anticipated to produce an additional
 $3.5 million of revenue per year."
     Di Costanzo additionally noted, "We have withdrawn from one of our car
 carrier services between Europe and South America.  As the company has said in
 the past if an operation cannot contribute in a positive way, we will take
 action to either improve or eliminate it.  We have too many other uses for our
 capital to enhance our growth."  The company noted that this service is a
 joint venture and no book value loss will occur.
     Additionally, Di Costanzo added that additional long-term dedicated
 contracts for chemicals were signed in the parcel tanker division.  These
 contracts are expected to increase revenues by approximately $2 million on an
 annualized basis. Finally, the company reported that it is exploring with the
 government ways to improve the quality of Pemex's tanker fleet and terminals.
 
     LAND OPERATIONS
     The company reported that its land operations division closed a contract
 with Companie General Maritime, and has received approval by several
 automobile manufacturers to handle all parts distribution to the after market
 throughout Mexico. Gerardo Primo, general director of the Land Operations
 Group, noted that these three contracts are anticipated to produce an
 additional $9.5 million in revenue on an annualized basis beginning in the
 second quarter.
     Additionally, during the first quarter, the Logistics division closed a
 $1.5 million outsourced contract with Chrysler involving the handling of
 vehicles at all three Chrysler facilities. Primo said, "This action positions
 us for further expansion at Toluca, where production will increase by 50% over
 the next 2 years."  Primo also noted that the division was shifting trucking
 assets from the North South International lanes and reassigning those assets
 to higher priced margin intra-Mexican uses.
 
     2001 OUTLOOK
     The company is confident that it will produce EBITDA for unconsolidated
 TMM of $71 million in 2001.  Joined with TFM, the company anticipates Grupo
 TMM to reach a consolidated EBITDA of approximately $364 million.  The company
 projects year over year top-line growth in the range of 17%, and forecasts a
 combined operating profit of approximately $270 million, which would represent
 a 23% increase compared with 2000.  In addition, corporate overhead and
 interest charges are projected to decline dramatically compared with 2000.
 All projections include consolidated financials from TFM.
     Segovia concluded: "Two years ago, TMM was focused on debt reduction.  We
 have transformed ourselves and are now growing, entering the market with
 products and services that compliment NAFTA and European trade growth. A U.S.
 rail analyst recently said the following about our largest investment, TFM:
 "We do not want to underestimate the long term period. We have not seen a
 railroad in North America in the 15 years we have studied the industry with
 the combination of growth potential and management capabilities that exist at
 TFM."
     "I believe that within a few years, analysts will be able to say the same
 thing about all of TMM. TMM is THE logistics provider of Mexico, integrating a
 variety of services, providing door-to-door supply chain management in and out
 of Mexico to manufacturers and consumers. As I have stated in previous
 conference calls, I see a company in four or five years with a cash flow
 between $600 to $700 million with continuing advancements in operating profit
 and earnings. I believe we possess all of the components to see this vision
 through to completion."
     TMM will broadcast its first quarter conference call and presentation for
 investors over the Internet at www.vcall.com on Wednesday, May 2, 2001, at
 11:00 a.m. EST. The delay between the release of earnings and the conference
 call is due to fact that the Bolsa Exchange is closed for the May Day holiday
 on Tuesday, May 1.  To listen to the live call, please go to the Web site at
 least 15 minutes early to register, download and install any necessary audio
 software. A replay will also be available for 90 days after the conclusion of
 the call at this Web site.
     Headquartered in Mexico City, TMM is Latin America's largest multimodal
 transportation company.  Through its branch offices and network of subsidiary
 companies, TMM provides a dynamic combination of ocean and land transportation
 services.  TMM also has a significant interest in Transportacion Ferroviaria
 Mexicana (TFM), which operates Mexico's Northeast railway and carries over
 40 percent of the country's rail cargo.  Visit TMM's web site at
 http://www.tmm.com.mx and TFM's web site at http://www.gtfm.com.mx .  Both
 sites offer Spanish/English language options.  For free fax on demand
 information, dial 1-800-PRO-INFO and enter the company's symbol: TMM.
     Included in this report are certain forward-looking statements within the
 meaning of Section 27A of the Securities Act of 1933, as amended, and Section
 21E of the Securities Exchange Act of 1934, as amended.  Such forward-looking
 statements are based on the beliefs of the Company's management, as well as on
 assumptions made by and information currently available to the Company at the
 time such statements were made. The words "believe", "expect" and "anticipate"
 and similar expressions identify some of these forward-looking statements.
 Statements looking forward in time involve risks, uncertainties and other
 factors which may cause the actual results, performance or achievements of the
 company to be materially different from any future results, performance or
 achievements expressed or implied by such forward-looking statements.  Such
 factors include, among others, global, U.S. and Mexican economic and social
 conditions; the effect of the North American Free Trade Agreement ("NAFTA") on
 the level of U.S. -Mexico trade; the company's ability to convert customers
 from using trucking services to rail transport services; competition from
 other rail carriers and trucking companies in Mexico; the company's ability to
 control expenses; and the effect of the company's employee training,
 technological improvements and capital expenditures on labor productivity,
 operating efficiencies and service reliability.  Actual results could differ
 materially from those included in such forward-looking statements. Readers are
 cautioned not to place undue reliance on such forward-looking statements,
 which speak only as of their respective dates.   The company undertakes no
 obligation to update publicly or revise any forward-looking statements,
 whether as a result of new information, future events or otherwise. These risk
 factors and additional information are included in the Company's reports on
 Forms 6K and 20-F on file with the Securities and Exchange Commission.
 
 
            Transportacion Maritima Mexicana, S.A. de C.V. and subsidiaries
                         * Consolidated Statement of Income
                              - millions of dollars -
 
 
                                                    Three months ended
                                                          31-Mar
                                             2001                       2000
 
     Revenue from freight and services      237.784                     81.958
 
     Cost & expenses of opetarion          (164.245)                   (58.802)
     Depreciation & amortization of
      vessels and operating equipment       (22.396)                    (2.997)
 
                                             51.143                     20.159
 
     Administrative expenses                (12.457)                   (12.022)
 
     Operating income                        38.686                      8.137
 
     Financial (expenses) income,net        (33.647)                    (6.384)
     Exchange and derivatives gain (loss)
      - Net                                   2.753                      1.125
 
                                            (30.894)                    (5.259)
 
     Other income (expense) - Net            52.566                     (0.638)
 
     Income before taxes                     60.358                      2.240
 
     Provision for taxes                    (29.713)                     8.496
 
     Income before minority interest         30.645                     10.736
 
     Minority interest                      (26.084)                    (2.735)
 
     Net income before results for
      investment in TFM                       4.561                      8.001
 
     Financial expense attributable to TFM
      investment                              0.000                     (7.938)
     Interest in TFM                          0.000                      6.383
 
     Net income                               4.561                      6.446
 
     Weighted average outstanding shares
      (millions)                             56.698                     56.598
     Earnings per share (dollars / share)      0.08                       0.11
 
     Outstanding shares at end of period
      (millions)                             56.698                     56.598
     Earnings per share (dollars / share)      0.08                       0.11
 
     * Prepared in accordance with International Accounting Standards
 
 
 
          Transportacion Maritima Mexicana, S.A. de C.V. and subsidiaries
                           * Consolidated Balance Sheet
                              - millions of dollars -
 
 
                                                    31-Mar            31-Mar
                                                     2001              2000
 
 
     CURRENT ASSETS
     Cash and cash equivalents                       87.772            87.247
     Marketable securities                            0.105             0.076
                                                     87.877            87.323
     Accounts receivable
        Customers                                   132.121           116.689
        Other accounts receivable                    86.759            94.324
        Prepaid expenses                             45.279            43.510
           Total current assets                     352.036           341.846
 
     ACCOUNTS RECEIVABLE AND MARKETABLE
      SECURITIES (LONG-TERM)                         80.889             1.739
     VESSELS, EQUIPMENT AND PROPERTY               1964.470          1958.316
     INVESTMENT IN TFM                                0.000             0.000
     OTHER ASSETS                                   121.714           120.270
     DEFERRED TAXES                                 220.127           249.790
     ASSETS OF DISCONTINUING BUSINESS                 3.000             3.955
                                                   2742.236          2675.916
 
     CURRENT LIABILITIES
     Bank loans and current maturities of
      long term liabilities                          68.027            72.081
     Suppliers                                       71.129            82.642
     Other accounts payable and accrued
      expenses                                      148.798           120.464
           Total current liabilities                287.954           275.187
     REVENUE AND COSTS OF VOYAGES IN
      PROCESS-NET, AND OTHER DEFERRED
      CREDITS                                         3.529             2.263
     DEFERRED TAXES                                  32.348            32.366
     LONG-TERM LIABILITIES
        Bank loans and other obligations          1,208.197         1,192.832
        Other long-term liabilities                  14.142             6.453
           Total long-term liabilities            1,222.339         1,199.285
 
     LIABILITIES OF DISCONTINUING BUSINESS            1.290             2.683
 
                                                  1,547.460         1,511.784
 
     MINORITY INTEREST                            1,035.856         1,009.772
 
     STOCKHOLDER'S EQUITY
        Capital stock                               105.915           105.915
        Premium on sale of stock                     71.407            71.407
        Reserve for repurchase of shares             20.734            20.734
        Retained earnings                            24.114            19.554
        Initial translation loss                    (63.250)          (63.250)
                                                    158.920           154.360
 
                                                  2,742.236         2,675.916
 
     * Prepared in accordance with International Accounting Standards
 
 
 
          Transportacion Maritima Mexicana, S.A. de C.V. and subsidiaries
                        Consolidated Statement of Cash Flow
                              - millions of dollars -
 
 
                                                        Three months ended
                                                              31-Mar
                                                      2001              2000
 
     OPERATIONS
        Income before results                         4.561             6.446
 
     Charges (credits) to income not
      affecting resources:
 
           Depreciation & amortization               26.473             6.216
           Interest in TFM                            0.000            (6.383)
           Minority interest                         26.084             2.735
           Results on sale of assets and
            subsidiaries                            (60.754)            0.250
           Deferred income taxes                     29.645            (8.639)
           Other non-cash items                      17.585             2.121
        Total non-cash items                         39.033            (3.700)
           Changes in assets & liabilities          (11.219)          (21.574)
        Total adjustments                            27.814           (25.274)
 
        Net cash (used in) provided by
         operating activities                        32.375           (18.828)
 
     INVESTMENT
        Proceeds from sales of assets
         (net)                                        1.456             0.689
        Payments for purchases of assets            (27.544)           (3.691)
        Sale of subsidiaries, net of cash
         sold                                         0.000            54.724
        Purchase & sale of marketable
         securities (net)                             0.000            (2.922)
 
        Net cash (used in) provided by
         investment activities                      (26.088)           48.800
 
     FINANCING
        Short-term borrowings (net)                  (1.786)           (6.226)
        Principal payments under capital
         lease obligations                           (4.775)           (0.427)
        (Repurchase) sale of accounts
         receivable (net)                             0.000           (20.000)
        Repayment of long-term debt                 (10.981)           (0.505)
        Proceeds from issuance of long-
         term debt                                    8.800             0.000
        New capital lease obligations                 2.980             0.000
 
        Net cash (used in) provided by
         financing activities                        (5.762)          (27.158)
 
        Net increase (decrease) in cash               0.525             2.814
        Cash at beginning of period                  87.247            84.122
        Cash at end of period                        87.772            86.936
 
     * Prepared in accordance with International Accounting Standards
 
 
 
            Transportacion Maritima Mexicana, S.A. de C.V. and subsidiaries
                         Statement of Income (without TFM)
                              - millions of dollars -
 
 
                                                   Three months ended
                                                         31-Mar
                                            2001                        2000
 
     Revenue from freight and services      83.165                      81.958
 
     Cost of freight and services          (60.278)                    (58.802)
     Depreciation of vessels and operating
      equipment                             (3.302)                     (2.997)
 
                                            19.585                      20.159
 
     Administrative expenses               (12.457)                    (12.022)
 
     Operating income                        7.128                       8.137
 
     Financial (expenses) income,net        (3.219)                     (6.384)
     Exchange and derivatives gain (loss)
      - Net                                 (0.293)                      1.125
 
                                            (3.512)                     (5.259)
 
     Other income (expense) - Net           (0.258)                     (0.638)
 
     Income before taxes                     3.358                       2.240
 
     Provision for taxes                     5.185                       8.496
 
     Income before minority interest         8.543                      10.736
 
     Minority interest                      (4.911)                     (2.735)
 
     Net income before results for
      investment in TFM                      3.632                       8.001
 
     Financial expense attributable to TFM
      investment                            (8.641)                     (7.938)
     Interest in TFM                         9.570                       6.383
 
     Net income                              4.561                       6.446
 
     Weighted average outstanding shares
      (millions)                            56.698                      56.598
     Earnings per share (dollars / share)     0.08                        0.11
 
     Outstanding shares at end of period
      (millions)                            56.698                      56.598
     Earnings per share (dollars / share)     0.08                        0.11
 
     * Prepared in accordance with International Accounting Standards
 
 
 
               Transportacion Maritima Mexicana, S.A. de C.V. and
                                  subsidiaries
                          Balance Sheet (without TFM)
                            - millions of dollars -
 
 
                                                     31-Mar           31-Dec
                                                     2001              2000
 
 
     CURRENT ASSETS
     Cash and cash equivalents                       44.870            54.209
     Marketable securities                            0.105             0.076
                                                     44.975            54.285
     Accounts receivable
        Customers                                    56.217            49.658
        Other accounts receivable                    46.484            40.505
        Prepaid expenses                             11.198            10.726
           Total current assets                     158.874           155.174
 
     ACCOUNTS RECEIVABLE AND MARKETABLE
      SECURITIES (LONG-TERM)                          1.739             1.739
     VESSELS, EQUIPMENT AND PROPERTY                185.085           167.316
     INVESTMENT IN TFM                              383.387           374.125
     OTHER ASSETS                                    62.154            59.334
     DEFERRED TAXES                                 116.943           111.708
     ASSETS OF DISCONTINUING BUSINESS                 3.000             3.955
                                                    911.182           873.351
 
     CURRENT LIABILITIES
     Bank loans and current maturities of
      long term liabilities                          68.027            67.854
     Suppliers                                       48.349            43.335
     Other accounts payable and accrued
      expenses                                      111.693            87.704
           Total current liabilities                228.069           198.893
     REVENUE AND COSTS OF VOYAGES IN
      PROCESS-NET, AND OTHER DEFERRED
      CREDITS                                         3.529             2.263
     DEFERRED TAXES                                  32.348            32.366
     LONG-TERM LIABILITIES
        Bank loans and other obligations            380.836           381.508
        Other long-term liabilities                   0.000             0.000
           Total long-term liabilities              380.836           381.508
 
     LIABILITIES OF DISCONTINUING BUSINESS            1.290             2.683
 
                                                    646.072           617.713
 
     MINORITY INTEREST                              106.190           101.278
 
     STOCKHOLDER'S EQUITY
        Capital stock                               105.915           105.915
        Premium on sale of stock                     71.407            71.407
        Reserve for repurchase of shares             20.734            20.734
        Retained earnings                            24.114            19.554
        Initial translation loss                    (63.250)          (63.250)
                                                    158.920           154.360
 
                                                    911.182           873.351
 
 
     * Prepared in accordance with International Accounting Standards
 
 
 
          Transportacion Maritima Mexicana, S.A. de C.V. and subsidiaries
                       Statement of Cash Flow (without TFM)
                              - millions of dollars -
 
 
                                                       Three months ended
                                                             31-Mar
                                                      2001              2000
 
     OPERATIONS
        Income before results                         4.561             6.446
 
     Charges (credits) to income not
      affecting resources:
 
           Depreciation & amortization                6.349             6.216
           Interest in TFM                           (9.570)           (6.383)
           Minority interest                          4.911             2.735
           Results on sale of assets and
            subsidiaries                              0.004             0.250
           Deferred income taxes                     (5.253)           (8.639)
           Other non-cash items                       2.256             2.122
        Total non-cash items                         (1.303)           (3.699)
           Changes in assets & liabilities            1.756           (21.575)
        Total adjustments                             0.453           (25.274)
 
        Net cash (used in) provided by
         operating activities                         5.014           (18.828)
 
     INVESTMENT
        Proceeds from sales of assets
         (net)                                        0.995             0.689
        Payments for purchases of assets            (13.108)           (3.691)
        Sale of subsidiaries, net of cash
         sold                                         0.000            54.724
        Purchase & sale of marketable
         securities (net)                             0.000            (2.922)
 
        Net cash (used in) provided by
         investment activities                      (12.113)           48.800
 
     FINANCING
        Short-term borrowings (net)                  (1.786)           (6.226)
        Principal payments under capital
         lease obligations                           (0.016)           (0.427)
        (Repurchase) sale of accounts
         receivable (net)                             0.000           (20.000)
        Repayment of long-term debt                  (0.438)           (0.505)
 
        Net cash (used in) provided by
         financing activities                        (2.240)          (27.158)
 
        Net increase (decrease) in cash              (9.339)            2.814
        Cash at beginning of period                  54.209            84.122
        Cash at end of period                        44.870            86.936
 
 
     * Prepared in accordance with International Accounting Standards
 
 
                                   Grupo TMM
                   First Quarter 2001 vs. First Quarter 2000
 
                               (Thousands of USD)
 
     Q1 2001                 TFM           Ports       Special      Logistics
                                                        Mar
 
     Revenue                156,085        23,133       29,956        16,075
     Costs                  124,527        12,472       26,768        11,007
     Gross Result                          10,661        3,188         5,068
     Gross Margin                           46.1%        10.6%         31.5%
     SG & A Estimate                        2,690        2,588         1,868
     Operating Results       31,558         7,971          600         3,200
     Operating Margin         20.2%         34.5%         2.0%         19.9%
 
     Q1 2001                         TexMex            Other         Total
 
     Revenue                          14,614          (2,079)      237,784
     Costs                            13,968          (2,101)      186,641
     Gross Result                        646              22          n.a.
     Gross Margin                       4.4%           (1.1%)         n.a.
     SG & A Estimate                   1,206           4,105        12,457
     Operating Results                  (560)         (4,083)       38,686
     Operating Margin                 (3.8%)          196.4%         16.3%
 
 
                               (Thousands of USD)
 
     Q1 2000                 TFM           Ports        Special     Logistics
                                                         Mar.
 
     Revenue                146,665        19,062       29,036        21,882
     Costs                  106,339        10,506       24,622        15,823
     Gross Result                           8,556        4,414         6,059
     Gross Margin                           44.9%        15.2%         27.7%
     SG & A Estimate                        2,031        1,941         1,444
     Operating Results       40,326         6,525        2,473         4,615
     Operating Margin         27.5%         34.2%         8.5%         21.1%
 
 
      Q1 2000                        TexMex            Other        Total
 
     Revenue                          13,126          (3,447)      226,324
     Costs                            11,952          (3,403)      165,839
     Gross Result                      1,174             (44)         n.a.
     Gross Margin                       8.9%            1.3%          n.a.
     SG & A Estimate                   1,395           5,211        12,022
     Operating Results                  (221)         (5,255)       48,463
     Operating Margin                 (1.7%)         (152.5%)        21.4%
 
 
        Grupo Transportacion Ferroviaria Mexicana, S.A. De C.V. ("TFM")
       Reports First Quarter Results For The Period Ended March 31, 2001
 
     MEXICO CITY, Mexico, April 30 /PRNewswire/ -- Transportacion Ferroviaria
 Mexicana today reported operational results for the first quarter of 2001.
 Transportacion Maritima Mexicana, S.A. de C.V. (NYSE:   TMM and TMM/A) owns a
 significant interest in Transportacion Ferroviaria Mexicana (TFM).
 
     OPERATIONAL RESULTS FOR THE FIRST QUARTER OF 2001
     Consolidated net revenues for the first quarter of 2001 were
 $156.1 million, which represents an increase of $9.4 million or 6.4% from
 revenues of $146.7 million for the same period in 2000.  First quarter
 consolidated revenues were the highest recorded in any first quarter during
 TFM's operating history despite the impact of the slowdown of the U.S. economy
 which diminished the pace of TFM's growth from the first quarter of 2000.  At
 the same time, TFM's first quarter revenues for 2001 reflect the negative
 effects of seasonality as the year-end holiday season brought about a decrease
 in business volumes.  Despite these factors, TFM experienced growth in all
 product segments in the first quarter, with the highest growth in the
 automotive, metals and minerals and intermodal segments.  The intermodal
 product segment continued experiencing double-digit growth mainly as a result
 of TFM's strategy of conversion of traffic from truck to rail transport.
     Consolidated operating expenses for the first quarter of 2001 increased to
 $124.5 million from $106.3 million for the same period in 2000. The increase
 in operating expenses resulted mainly from higher variable direct costs
 related to the growth of TFM's business, including costs of salaries and
 fringe benefits, car hire and operating leases as new locomotives and freight
 cars were added to TFM's fleet.  Operating expenses were also affected by a
 21.5% increase in fuel costs as a consequence of high diesel fuel prices in
 the first quarter of 2001 compared to the first quarter of 2000.
     Consolidated operating profit for the first quarter of 2001 was
 $31.6 million, representing a decrease of $8.8 million from the first quarter
 of 2000.  The decrease in consolidated operating profit for the first quarter
 of 2001 was due mainly to the effects of higher fuel prices as well as higher
 car hire and operating lease costs. Increased car hire costs reflect TFM's use
 of higher-priced equipment needed in the automotive product segment which
 experienced larger than average volume growth relative to other product
 segments.  In addition, lease costs increased at a higher than average rate
 relative to the growth in overall operating costs as 25 GE 4000 H.P.
 locomotives were added to TFM's fleet.  These locomotives represent the final
 phase of a long-term leasing program under which a total of 150 new
 locomotives have been delivered to TFM by General Electric and Electro-Motive
 Division, a subsidiary of General Motors.  In connection with completion of
 the long-term leasing program, beginning in April 2001, locomotives operated
 by TFM under short-term leases are being returned to the supplier as those
 short-term leases begin to expire.  As a result of the foregoing, TFM's
 operating ratio (operating expenses as a percentage of revenues) for the first
 quarter of 2001 was 79.8% which represents an increase of 7.3% from the first
 quarter of 2000.
 
     FINANCIAL EXPENSES
     Net financial expenses incurred in the first quarter of 2001 were
 $18.9 million and include $ 10.7 million of amortization of discount
 debentures.  TFM recognized a $ 3.0 million foreign exchange gain resulting
 from a 1.2% appreciation of the peso against the dollar during the first
 quarter of 2001.
 
     NET INCOME
     Net income for the first quarter of 2001 was positively impacted by a one-
 time profit item resulting from the sale by TFM to the Mexican government of
 the La Griega-Mariscala line, an approximately 32-kilometer portion of
 redundant track in the vicinity of the city of Queretaro.  The profits from
 this sale (net of certain related costs and the results of sales of other
 assets in the first quarter) were recorded as other income in the amount of
 US$53.0 million.  On the other hand, net income for the first quarter was
 negatively impacted by a deferred income tax expense of $34.9 million,
 attributable mainly to the profits generated by the sale of the La Griega-
 Mariscala line, which are considered taxable income for 2001, together with
 the effects of TFM having estimated a higher depreciation of the peso against
 the dollar relative to the Mexican inflation rate for tax purposes during this
 period.
 
     EBITDA
     EBITDA for the first quarter of 2001 was $52.2 million which represented a
 decrease of $7.8 million or 13.0% from EBITDA for the first quarter of 2000.
 EBITDA margin (EBITDA as a percentage of revenues) for the first quarter of
 2001 was 33.5%.
 
     LIQUIDITY AND CAPITAL RE

SOURCES As of March 31, 2001, the accounts receivable balance increased by 4.1% to $130.2 million from $ 125.1 million at December 31, 2000. Outstanding trade receivables were below 30 days, which meets TFM's objectives in the management of working capital. The accounts receivable balance includes, among other items, VAT (value-added tax) and IEPS (fuel tax) credits from ongoing business transactions. As of March 31, 2001, accounts payable and accrued expenses were $73.9 million, a decrease of $2.4 million or 3.1% from December 31, 2000 TFM's capital expenditures were $14.4 million during the first quarter of 2000. As of March 31, 2001, TFM had an outstanding net debt balance of $784.5 million, including the discounted value of a $290.0 million U.S. commercial paper issuance, and $42.9 million of cash and cash equivalents. TFM refinanced its Senior Secured Credit Facility through the U.S. Commercial Paper Program backed by letter of credit in September 2000 resulting in a substantial reduction in debt service. Grupo Transportacion Ferroviaria Mexicana, S.A. de C.V. and Subsidiary Consolidated Statement of Income ( Amounts expressed in thousands of US dollars ) ( Unaudited ) Three months ended March 31, 2001 2000 Transportation revenues 156,085 $146,665 Operating expenses (105,433) (87,553) Depreciation and amortization (19,094) (18,786) (124,527) (106,339) Operating profit 31,558 40,326 Other income (expenses) - net 53,042 (5,844) Financial expenses - net (22,005) (25,892) Exchange profit - net 3,046 803 Net comprehensive financing cost (18,959) (25,089) Income before taxes 65,641 9,393 and minority interest Asset tax 0 (6,000) Deferred income tax (34,898) 17,879 Income before minority interest 30,743 21,272 Minority interest (6,146) (4,296) Net income for the period $24,597 $16,976 The consolidated financial statements were prepared in accordance with International Accounting Standards Grupo Transportacion Ferroviaria Mexicana, S.A. de C.V. and Subsidiary Consolidated Balance Sheet ( Amounts expressed in thousands of US dollars ) ( Unaudited ) March 31, December 31, 2001 2000 Assets Current assets Cash and cash equivalents $42,902 $33,038 Accounts receivable - net 130,241 125,098 Materials and supplies 23,805 23,854 Other current assets 10,276 8,930 Total current assets 207,224 190,920 Due from Mexican Government 79,150 0 Concession, property and equipment - net 1,787,621 1,799,550 Other assets 13,332 14,088 Deferred income tax 103,184 138,082 Total assets $2,190,511 $2,142,640 Liabilities and stockholders' equity Current liabilities Capital lease due within one year $0 $4,227 Accounts payable and accrued expenses 73,947 76,318 Total current liabilities 73,947 80,545 Long-term debt and capital lease obligation 827,361 811,324 Other non-current liabilities 14,142 6,453 Total long-term liabilities 841,503 817,777 Total liabilities 915,450 898,322 Minority interest 376,522 370,376 Stockholders' equity Capital stock 807,008 807,008 Retained earnings 91,531 66,934 Total stockholders' equity 898,539 873,942 Total liabilities and stockholders' equity $2,190,511 $2,142,640 The consolidated financial statements were prepared in accordance with International Accounting Standards Grupo Transportacion Ferroviaria Mexicana, S.A. de C.V. and Subsidiary Consolidated Statement of Cash Flows ( Amounts expressed in thousands of US dollars ) ( Unaudited ) Three months ended March 31 2001 2000 Cash flows from operating activities: Net income for the period $24,597 $16,976 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 19,094 18,786 Discount on senior secured debentures 10,733 9,684 Amortization of deferred financing costs 783 1,561 Other non cash item (14,774) (8,092) Changes in working capital (12,739) (5,561) Total adjustments 3,097 16,378 Net cash provided by operating activities 27,694 33,354 Cash flows from investing activities: Acquisitions of property and equipment - net (14,359) (6,668) Sale of equipment 51 6,040 Net cash used in investing activities (14,308) (628) Cash flows from financing activities: Proceeds from (payments of) commercial paper - net (1,743) 0 Proceeds from capital lease obligations 2,980 0 Payments of revolving credit facility - net 0 (10,000) Principal payments under capital lease obligations (4,759) (4,227) Principal payments of senior secured credit facility 0 (22,611) Net cash used in financing activities (3,522) (36,838) Increase (Decrease) in cash and cash equivalents 9,864 (4,112) Cash and cash equivalents Beginning of period 33,038 10,950 End of period $42,902 $6,838 The consolidated financial statements were prepared in accordance with International Accounting Standards MAKE YOUR OPINION COUNT - Click Here http://tbutton.prnewswire.com/prn/11690X18454186

SOURCE Transportacion Maritima Mexicana, S.A.
    MEXICO CITY, April 30 /PRNewswire/ -- Transportacion Maritima Mexicana,
 S.A. de C.V. (NYSE:   TMM and TMM/A), the largest Latin American multi-modal
 transportation and logistics company, announced first quarter 2001 results
 with net revenues of $237.8 million for TMM, the consolidating parent company
 of TFM.  Additionally, TMM earned operating income of $38.7 million and net
 income before taxes of $60.4 million.
     In the first quarter, unconsolidated TMM reported net revenues of
 $83.2 million compared with $82 million in the first quarter 2000, an increase
 of 1.5%, despite a slowdown in North American economic activity.  Operating
 income for the quarter was $7.1 million, compared with $8.1 million in 2000,
 net income before taxes in the quarter was $3.4 million compared with
 $2.2 million in 2000, and net income was $4.6 million, or $0.08 per share, as
 compared with $6.5 million or $0.11 per share in the same quarter in 2000.
     TFM reported net revenues of $156.1 million compared with $146.7 million
 in the first quarter 2000, an increase of 6.4%.  Operating income for the
 quarter was $31.6 million, compared with $40.3 million in 2000, and net income
 was $24.6 million, as compared with $16.9 million in the same quarter in 2000.
 The company additionally noted that even though first quarter is traditionally
 the slowest time of year, March was the highest freight bill count in TFM's
 history, producing a 70.1% operating ratio, and an operating profit for the
 month of $23.8 million.
     TMM reported EBITDA of $65.2 million for the three months ended
 March 30, 2001, compared with $73.5 million in the same period last year.
 Unconsolidated TMM obtained EBITDA of $13.4 million in the first quarter
 compared with $14.3 million in 2000 and TFM reached EBITDA of $52.2 million
 compared with $60 million for 2000.
     The company reported that administrative costs in the first quarter were
 $12.4 million, compared with $12 million in 2000, primarily due to peso
 appreciation.  In the fourth quarter of 2000, the company stated that SG&A
 would continue to decline substantially by at least $8 million annually.  In
 the first quarter, the company reduced SG & A by $4 million dollars on an
 annualized basis, which will begin to be reflected in second quarter results.
 The company has set a goal of SG&A representing 7% of revenues over the next
 several years in spite of peso appreciation.  Moreover, interest costs are
 expected to be reduced substantially in 2001 to $43 million from $59 million
 in 2000.
     Additionally, the company described how within the next 20 days a
 conclusion would be reached regarding the remaining equity owned by the
 government in TFM.  TMM has proposed to the government a comprehensive
 settlement related to all the remaining equity (including the call, the put,
 the redundant line credit, and the VAT Lawsuit) or the company would pursue
 exercising the call option at Grupo TMM and would accelerate its Value Added
 Tax lawsuit in relation to the put option.   Either course of action the
 company believes would be additive to book value, earnings, and cash flow.
     Jose Serrano, chairman and CEO, said:  "We are pleased to have made great
 progress toward completing many of the initiatives we laid out in the fourth
 quarter conference call.  Our program to financially consolidate TMM and TFM
 has led to a stronger, healthier company, poised to improve return on assets
 and significantly increased cash flow.  We expect 2001 to be an exciting year
 for TMM and are confident that our rail, port operations, specialized
 maritime, trucking, and logistics businesses, will generate cash and build
 profitability in the near and long-term."
     Javier Segovia, president of TMM added: "We found a great deal to
 encourage us during the first quarter, including the completion of a
 securitization program this week to strengthen our balance sheet, progress on
 the merger of the two share classes and confirmation through various court
 rulings of $16 million in tax refunds expected later this year. Overall TMM is
 better positioned than any other company in Mexico to take advantage of the
 current and future growth strategy of the country that is now set in motion."
     Segovia continued, "We have made significant operating changes that are
 designed to improve the return on assets and generate increased EBITDA.  We
 were encouraged by the strong performance of the TFM rail operation in March
 with a 70.1% operating ratio and are confident in achieving our prior
 forecasts for 2001 even with the slowness at the beginning of this past
 quarter."
     TMM's Mexican-based business components include: 1) multi-modal logistics
 facilities throughout the country; 2) the world class TFM Railroad; 3) the
 Texas Mexican Railway; 4) ownership and management of key Mexican port
 facilities; 5) diverse trucking operations; 6) a specialized marine transport
 division; and 7) the continuation of alliances with leading transportation and
 distribution companies.  These units collectively allow TMM to continue to
 market a full range of non-owned alliance assets.
 
     PORT OPERATIONS
     The company reported that its port facilities revenues increased over 20%
 in the first quarter of 2001 compared with first quarter last year. Francisco
 Kassian, president of TMM's Port and Terminals business noted that the
 Manzanillo operations continued to perform at peak levels of efficiency, and
 that berth positions would continue to expand as more vessel operations
 utilize the company's services with larger ships.
     Kassian also reported that the Tuxpan Port project (the nearest port to
 Mexico City), a 494-acre facility owned by TMM, will become a superior port
 expansion opportunity. He said, "Large container shipping companies have shown
 a tremendous amount of interest in positioning larger ships at this site.  The
 company also reported that construction on the highway linking Mexico City to
 Tuxpan has begun.  Kassian said, "The very nature of this river port allows an
 18-meter depth, far exceeding Veracruz's current capacity.  Also, Tuxpan is
 protected from high wind conditions that traditionally reduce operational
 effectiveness throughout the year at Veracruz.  We are excited by the future
 of this business."
 
     TFM RAIL OPERATIONS
     Despite the slow down in the U.S. market that was felt beginning in
 November of 2000, first quarter revenues for TFM continued to grow as compared
 with last year.  TFM's operating profit for the quarter was $31.6 million,
 producing an operating ratio of 79.8% as compared with $40.3 million in the
 first quarter of 2000 with a corresponding operating ratio of 72.5%. Mario
 Mohar, CEO and president of TFM and president of Tex-Mex Rail, noted, "In the
 month of March alone, however, our operating ratio was 70.1% and our operating
 profit was  $23.8 million, 75% of the first quarter's total.
     Mohar noted that the operation is beginning to see a clearer picture of
 volume trends that have been occurring since November.  He said, "As we look
 at our volume base during the first quarter, in spite of the dire, negative
 sentiments from U.S. markets, auto grew by 7%, intermodal by 14%, metals and
 minerals by 8%, industrial products by 9% and agro-industrial by 8%. Chemicals
 and petrochemicals fell by 5%. As stated earlier overall growth increased by
 6.4%.  We are still optimistic that TFM will perform on an annualized basis
 consistent with the 16% revenue growth projection. While the first two months
 of volume were slow, traffic began to pick up in February and strengthened in
 March."
     TFM highlighted other factors that impacted performance in January and
 February including higher fuel prices than first quarter 2000, resulting in
 additional costs of approximately $1.4 million for the quarter, and increased
 car hire and labor costs.
     Mohar added, "We were able to eliminate 32 surplus locomotives discussed
 in our fourth quarter results. This action will reduce our costs by $1 million
 dollars per quarter. Furthermore, we are developing pre-blocking and pre-
 clearing agreements with Kansas City Southern and Burlington Northern Santa Fe
 on the TexMex, eliminating the need for redundant switching and using the
 TexMex as a more efficient railroad to and from TFM.
     "Because of the steps we have taken to improve congestion and reduce car
 hire, costs should fall by $5 million on an annualized basis.  Fuel should
 fall by $1.1 million per quarter, if prices continue at April levels, and all
 of these actions should assure that TFM returns to the low 70% operating ratio
 level."
     As stated earlier, March volume for the unit improved dramatically. Mohar
 concluded, "We still expect to attain 16% growth this year, taking TFM to
 $743 million of net revenues and an operating ratio of 72%, for the full year.
 Our demonstrated abilities to reduce and control costs in March, and new
 programs, such as Roadrailer, customs brokerage and growth in our commodity
 base, will assure that we reach our previously stated goals."
 
     TEXMEX RAIL OPERATIONS
     TMM's Rail Operations reported that problems with TexMex operations began
 to surface during the fourth quarter of 2000. Mario Mohar noted that, "We
 experienced a number of derailments and related congestion problems. Over the
 years, we have taken the right steps to expand volume. However, in the fourth
 quarter of 2000 and the first quarter of 2001, we simply outgrew our line haul
 capacity sooner than we expected. Revenue increased by 11.3% in the first
 quarter, but TexMex was not operating in an efficient manner."  The company
 reported that the unit failed to contribute operating profit and EBITDA.
     Mohar continued, "As we described to you in February, we have taken
 actions to correct the congestion problems, and more importantly, we are
 taking aggressive steps to fix TexMex's capability once and for all. At the
 TexMex Board Meeting on April 18th, the Board approved a plan for a 10 year
 off balance sheet financing agreement with Alstom, which will allow us to
 invest $40 to $45 million to rehabilitate and expand all of TexMex's track.
 This initiative will result in an increase of main line speed from
 30 to 49 mph over the next 18 months."  Mohar additionally noted that TexMex
 has acquired the Rosenburg Victoria Line, an important strategic acquisition,
 reducing the distance between Laredo to Houston and Beaumont by 70 miles. We
 expect TexMex revenues to grow exceptionally and costs to fall, improving
 operating profits starting in third quarter 2001."
 
     SPECIALIZED MARITIME
     TMM reported that its Specialized Maritime division added an additional
 supply ship. Silverio Di Costanzo, general director of TMM's Specialized
 Maritime Group, said, "This fireboat is anticipated to produce an additional
 $3.5 million of revenue per year."
     Di Costanzo additionally noted, "We have withdrawn from one of our car
 carrier services between Europe and South America.  As the company has said in
 the past if an operation cannot contribute in a positive way, we will take
 action to either improve or eliminate it.  We have too many other uses for our
 capital to enhance our growth."  The company noted that this service is a
 joint venture and no book value loss will occur.
     Additionally, Di Costanzo added that additional long-term dedicated
 contracts for chemicals were signed in the parcel tanker division.  These
 contracts are expected to increase revenues by approximately $2 million on an
 annualized basis. Finally, the company reported that it is exploring with the
 government ways to improve the quality of Pemex's tanker fleet and terminals.
 
     LAND OPERATIONS
     The company reported that its land operations division closed a contract
 with Companie General Maritime, and has received approval by several
 automobile manufacturers to handle all parts distribution to the after market
 throughout Mexico. Gerardo Primo, general director of the Land Operations
 Group, noted that these three contracts are anticipated to produce an
 additional $9.5 million in revenue on an annualized basis beginning in the
 second quarter.
     Additionally, during the first quarter, the Logistics division closed a
 $1.5 million outsourced contract with Chrysler involving the handling of
 vehicles at all three Chrysler facilities. Primo said, "This action positions
 us for further expansion at Toluca, where production will increase by 50% over
 the next 2 years."  Primo also noted that the division was shifting trucking
 assets from the North South International lanes and reassigning those assets
 to higher priced margin intra-Mexican uses.
 
     2001 OUTLOOK
     The company is confident that it will produce EBITDA for unconsolidated
 TMM of $71 million in 2001.  Joined with TFM, the company anticipates Grupo
 TMM to reach a consolidated EBITDA of approximately $364 million.  The company
 projects year over year top-line growth in the range of 17%, and forecasts a
 combined operating profit of approximately $270 million, which would represent
 a 23% increase compared with 2000.  In addition, corporate overhead and
 interest charges are projected to decline dramatically compared with 2000.
 All projections include consolidated financials from TFM.
     Segovia concluded: "Two years ago, TMM was focused on debt reduction.  We
 have transformed ourselves and are now growing, entering the market with
 products and services that compliment NAFTA and European trade growth. A U.S.
 rail analyst recently said the following about our largest investment, TFM:
 "We do not want to underestimate the long term period. We have not seen a
 railroad in North America in the 15 years we have studied the industry with
 the combination of growth potential and management capabilities that exist at
 TFM."
     "I believe that within a few years, analysts will be able to say the same
 thing about all of TMM. TMM is THE logistics provider of Mexico, integrating a
 variety of services, providing door-to-door supply chain management in and out
 of Mexico to manufacturers and consumers. As I have stated in previous
 conference calls, I see a company in four or five years with a cash flow
 between $600 to $700 million with continuing advancements in operating profit
 and earnings. I believe we possess all of the components to see this vision
 through to completion."
     TMM will broadcast its first quarter conference call and presentation for
 investors over the Internet at www.vcall.com on Wednesday, May 2, 2001, at
 11:00 a.m. EST. The delay between the release of earnings and the conference
 call is due to fact that the Bolsa Exchange is closed for the May Day holiday
 on Tuesday, May 1.  To listen to the live call, please go to the Web site at
 least 15 minutes early to register, download and install any necessary audio
 software. A replay will also be available for 90 days after the conclusion of
 the call at this Web site.
     Headquartered in Mexico City, TMM is Latin America's largest multimodal
 transportation company.  Through its branch offices and network of subsidiary
 companies, TMM provides a dynamic combination of ocean and land transportation
 services.  TMM also has a significant interest in Transportacion Ferroviaria
 Mexicana (TFM), which operates Mexico's Northeast railway and carries over
 40 percent of the country's rail cargo.  Visit TMM's web site at
 http://www.tmm.com.mx and TFM's web site at http://www.gtfm.com.mx .  Both
 sites offer Spanish/English language options.  For free fax on demand
 information, dial 1-800-PRO-INFO and enter the company's symbol: TMM.
     Included in this report are certain forward-looking statements within the
 meaning of Section 27A of the Securities Act of 1933, as amended, and Section
 21E of the Securities Exchange Act of 1934, as amended.  Such forward-looking
 statements are based on the beliefs of the Company's management, as well as on
 assumptions made by and information currently available to the Company at the
 time such statements were made. The words "believe", "expect" and "anticipate"
 and similar expressions identify some of these forward-looking statements.
 Statements looking forward in time involve risks, uncertainties and other
 factors which may cause the actual results, performance or achievements of the
 company to be materially different from any future results, performance or
 achievements expressed or implied by such forward-looking statements.  Such
 factors include, among others, global, U.S. and Mexican economic and social
 conditions; the effect of the North American Free Trade Agreement ("NAFTA") on
 the level of U.S. -Mexico trade; the company's ability to convert customers
 from using trucking services to rail transport services; competition from
 other rail carriers and trucking companies in Mexico; the company's ability to
 control expenses; and the effect of the company's employee training,
 technological improvements and capital expenditures on labor productivity,
 operating efficiencies and service reliability.  Actual results could differ
 materially from those included in such forward-looking statements. Readers are
 cautioned not to place undue reliance on such forward-looking statements,
 which speak only as of their respective dates.   The company undertakes no
 obligation to update publicly or revise any forward-looking statements,
 whether as a result of new information, future events or otherwise. These risk
 factors and additional information are included in the Company's reports on
 Forms 6K and 20-F on file with the Securities and Exchange Commission.
 
 
            Transportacion Maritima Mexicana, S.A. de C.V. and subsidiaries
                         * Consolidated Statement of Income
                              - millions of dollars -
 
 
                                                    Three months ended
                                                          31-Mar
                                             2001                       2000
 
     Revenue from freight and services      237.784                     81.958
 
     Cost & expenses of opetarion          (164.245)                   (58.802)
     Depreciation & amortization of
      vessels and operating equipment       (22.396)                    (2.997)
 
                                             51.143                     20.159
 
     Administrative expenses                (12.457)                   (12.022)
 
     Operating income                        38.686                      8.137
 
     Financial (expenses) income,net        (33.647)                    (6.384)
     Exchange and derivatives gain (loss)
      - Net                                   2.753                      1.125
 
                                            (30.894)                    (5.259)
 
     Other income (expense) - Net            52.566                     (0.638)
 
     Income before taxes                     60.358                      2.240
 
     Provision for taxes                    (29.713)                     8.496
 
     Income before minority interest         30.645                     10.736
 
     Minority interest                      (26.084)                    (2.735)
 
     Net income before results for
      investment in TFM                       4.561                      8.001
 
     Financial expense attributable to TFM
      investment                              0.000                     (7.938)
     Interest in TFM                          0.000                      6.383
 
     Net income                               4.561                      6.446
 
     Weighted average outstanding shares
      (millions)                             56.698                     56.598
     Earnings per share (dollars / share)      0.08                       0.11
 
     Outstanding shares at end of period
      (millions)                             56.698                     56.598
     Earnings per share (dollars / share)      0.08                       0.11
 
     * Prepared in accordance with International Accounting Standards
 
 
 
          Transportacion Maritima Mexicana, S.A. de C.V. and subsidiaries
                           * Consolidated Balance Sheet
                              - millions of dollars -
 
 
                                                    31-Mar            31-Mar
                                                     2001              2000
 
 
     CURRENT ASSETS
     Cash and cash equivalents                       87.772            87.247
     Marketable securities                            0.105             0.076
                                                     87.877            87.323
     Accounts receivable
        Customers                                   132.121           116.689
        Other accounts receivable                    86.759            94.324
        Prepaid expenses                             45.279            43.510
           Total current assets                     352.036           341.846
 
     ACCOUNTS RECEIVABLE AND MARKETABLE
      SECURITIES (LONG-TERM)                         80.889             1.739
     VESSELS, EQUIPMENT AND PROPERTY               1964.470          1958.316
     INVESTMENT IN TFM                                0.000             0.000
     OTHER ASSETS                                   121.714           120.270
     DEFERRED TAXES                                 220.127           249.790
     ASSETS OF DISCONTINUING BUSINESS                 3.000             3.955
                                                   2742.236          2675.916
 
     CURRENT LIABILITIES
     Bank loans and current maturities of
      long term liabilities                          68.027            72.081
     Suppliers                                       71.129            82.642
     Other accounts payable and accrued
      expenses                                      148.798           120.464
           Total current liabilities                287.954           275.187
     REVENUE AND COSTS OF VOYAGES IN
      PROCESS-NET, AND OTHER DEFERRED
      CREDITS                                         3.529             2.263
     DEFERRED TAXES                                  32.348            32.366
     LONG-TERM LIABILITIES
        Bank loans and other obligations          1,208.197         1,192.832
        Other long-term liabilities                  14.142             6.453
           Total long-term liabilities            1,222.339         1,199.285
 
     LIABILITIES OF DISCONTINUING BUSINESS            1.290             2.683
 
                                                  1,547.460         1,511.784
 
     MINORITY INTEREST                            1,035.856         1,009.772
 
     STOCKHOLDER'S EQUITY
        Capital stock                               105.915           105.915
        Premium on sale of stock                     71.407            71.407
        Reserve for repurchase of shares             20.734            20.734
        Retained earnings                            24.114            19.554
        Initial translation loss                    (63.250)          (63.250)
                                                    158.920           154.360
 
                                                  2,742.236         2,675.916
 
     * Prepared in accordance with International Accounting Standards
 
 
 
          Transportacion Maritima Mexicana, S.A. de C.V. and subsidiaries
                        Consolidated Statement of Cash Flow
                              - millions of dollars -
 
 
                                                        Three months ended
                                                              31-Mar
                                                      2001              2000
 
     OPERATIONS
        Income before results                         4.561             6.446
 
     Charges (credits) to income not
      affecting resources:
 
           Depreciation & amortization               26.473             6.216
           Interest in TFM                            0.000            (6.383)
           Minority interest                         26.084             2.735
           Results on sale of assets and
            subsidiaries                            (60.754)            0.250
           Deferred income taxes                     29.645            (8.639)
           Other non-cash items                      17.585             2.121
        Total non-cash items                         39.033            (3.700)
           Changes in assets & liabilities          (11.219)          (21.574)
        Total adjustments                            27.814           (25.274)
 
        Net cash (used in) provided by
         operating activities                        32.375           (18.828)
 
     INVESTMENT
        Proceeds from sales of assets
         (net)                                        1.456             0.689
        Payments for purchases of assets            (27.544)           (3.691)
        Sale of subsidiaries, net of cash
         sold                                         0.000            54.724
        Purchase & sale of marketable
         securities (net)                             0.000            (2.922)
 
        Net cash (used in) provided by
         investment activities                      (26.088)           48.800
 
     FINANCING
        Short-term borrowings (net)                  (1.786)           (6.226)
        Principal payments under capital
         lease obligations                           (4.775)           (0.427)
        (Repurchase) sale of accounts
         receivable (net)                             0.000           (20.000)
        Repayment of long-term debt                 (10.981)           (0.505)
        Proceeds from issuance of long-
         term debt                                    8.800             0.000
        New capital lease obligations                 2.980             0.000
 
        Net cash (used in) provided by
         financing activities                        (5.762)          (27.158)
 
        Net increase (decrease) in cash               0.525             2.814
        Cash at beginning of period                  87.247            84.122
        Cash at end of period                        87.772            86.936
 
     * Prepared in accordance with International Accounting Standards
 
 
 
            Transportacion Maritima Mexicana, S.A. de C.V. and subsidiaries
                         Statement of Income (without TFM)
                              - millions of dollars -
 
 
                                                   Three months ended
                                                         31-Mar
                                            2001                        2000
 
     Revenue from freight and services      83.165                      81.958
 
     Cost of freight and services          (60.278)                    (58.802)
     Depreciation of vessels and operating
      equipment                             (3.302)                     (2.997)
 
                                            19.585                      20.159
 
     Administrative expenses               (12.457)                    (12.022)
 
     Operating income                        7.128                       8.137
 
     Financial (expenses) income,net        (3.219)                     (6.384)
     Exchange and derivatives gain (loss)
      - Net                                 (0.293)                      1.125
 
                                            (3.512)                     (5.259)
 
     Other income (expense) - Net           (0.258)                     (0.638)
 
     Income before taxes                     3.358                       2.240
 
     Provision for taxes                     5.185                       8.496
 
     Income before minority interest         8.543                      10.736
 
     Minority interest                      (4.911)                     (2.735)
 
     Net income before results for
      investment in TFM                      3.632                       8.001
 
     Financial expense attributable to TFM
      investment                            (8.641)                     (7.938)
     Interest in TFM                         9.570                       6.383
 
     Net income                              4.561                       6.446
 
     Weighted average outstanding shares
      (millions)                            56.698                      56.598
     Earnings per share (dollars / share)     0.08                        0.11
 
     Outstanding shares at end of period
      (millions)                            56.698                      56.598
     Earnings per share (dollars / share)     0.08                        0.11
 
     * Prepared in accordance with International Accounting Standards
 
 
 
               Transportacion Maritima Mexicana, S.A. de C.V. and
                                  subsidiaries
                          Balance Sheet (without TFM)
                            - millions of dollars -
 
 
                                                     31-Mar           31-Dec
                                                     2001              2000
 
 
     CURRENT ASSETS
     Cash and cash equivalents                       44.870            54.209
     Marketable securities                            0.105             0.076
                                                     44.975            54.285
     Accounts receivable
        Customers                                    56.217            49.658
        Other accounts receivable                    46.484            40.505
        Prepaid expenses                             11.198            10.726
           Total current assets                     158.874           155.174
 
     ACCOUNTS RECEIVABLE AND MARKETABLE
      SECURITIES (LONG-TERM)                          1.739             1.739
     VESSELS, EQUIPMENT AND PROPERTY                185.085           167.316
     INVESTMENT IN TFM                              383.387           374.125
     OTHER ASSETS                                    62.154            59.334
     DEFERRED TAXES                                 116.943           111.708
     ASSETS OF DISCONTINUING BUSINESS                 3.000             3.955
                                                    911.182           873.351
 
     CURRENT LIABILITIES
     Bank loans and current maturities of
      long term liabilities                          68.027            67.854
     Suppliers                                       48.349            43.335
     Other accounts payable and accrued
      expenses                                      111.693            87.704
           Total current liabilities                228.069           198.893
     REVENUE AND COSTS OF VOYAGES IN
      PROCESS-NET, AND OTHER DEFERRED
      CREDITS                                         3.529             2.263
     DEFERRED TAXES                                  32.348            32.366
     LONG-TERM LIABILITIES
        Bank loans and other obligations            380.836           381.508
        Other long-term liabilities                   0.000             0.000
           Total long-term liabilities              380.836           381.508
 
     LIABILITIES OF DISCONTINUING BUSINESS            1.290             2.683
 
                                                    646.072           617.713
 
     MINORITY INTEREST                              106.190           101.278
 
     STOCKHOLDER'S EQUITY
        Capital stock                               105.915           105.915
        Premium on sale of stock                     71.407            71.407
        Reserve for repurchase of shares             20.734            20.734
        Retained earnings                            24.114            19.554
        Initial translation loss                    (63.250)          (63.250)
                                                    158.920           154.360
 
                                                    911.182           873.351
 
 
     * Prepared in accordance with International Accounting Standards
 
 
 
          Transportacion Maritima Mexicana, S.A. de C.V. and subsidiaries
                       Statement of Cash Flow (without TFM)
                              - millions of dollars -
 
 
                                                       Three months ended
                                                             31-Mar
                                                      2001              2000
 
     OPERATIONS
        Income before results                         4.561             6.446
 
     Charges (credits) to income not
      affecting resources:
 
           Depreciation & amortization                6.349             6.216
           Interest in TFM                           (9.570)           (6.383)
           Minority interest                          4.911             2.735
           Results on sale of assets and
            subsidiaries                              0.004             0.250
           Deferred income taxes                     (5.253)           (8.639)
           Other non-cash items                       2.256             2.122
        Total non-cash items                         (1.303)           (3.699)
           Changes in assets & liabilities            1.756           (21.575)
        Total adjustments                             0.453           (25.274)
 
        Net cash (used in) provided by
         operating activities                         5.014           (18.828)
 
     INVESTMENT
        Proceeds from sales of assets
         (net)                                        0.995             0.689
        Payments for purchases of assets            (13.108)           (3.691)
        Sale of subsidiaries, net of cash
         sold                                         0.000            54.724
        Purchase & sale of marketable
         securities (net)                             0.000            (2.922)
 
        Net cash (used in) provided by
         investment activities                      (12.113)           48.800
 
     FINANCING
        Short-term borrowings (net)                  (1.786)           (6.226)
        Principal payments under capital
         lease obligations                           (0.016)           (0.427)
        (Repurchase) sale of accounts
         receivable (net)                             0.000           (20.000)
        Repayment of long-term debt                  (0.438)           (0.505)
 
        Net cash (used in) provided by
         financing activities                        (2.240)          (27.158)
 
        Net increase (decrease) in cash              (9.339)            2.814
        Cash at beginning of period                  54.209            84.122
        Cash at end of period                        44.870            86.936
 
 
     * Prepared in accordance with International Accounting Standards
 
 
                                   Grupo TMM
                   First Quarter 2001 vs. First Quarter 2000
 
                               (Thousands of USD)
 
     Q1 2001                 TFM           Ports       Special      Logistics
                                                        Mar
 
     Revenue                156,085        23,133       29,956        16,075
     Costs                  124,527        12,472       26,768        11,007
     Gross Result                          10,661        3,188         5,068
     Gross Margin                           46.1%        10.6%         31.5%
     SG & A Estimate                        2,690        2,588         1,868
     Operating Results       31,558         7,971          600         3,200
     Operating Margin         20.2%         34.5%         2.0%         19.9%
 
     Q1 2001                         TexMex            Other         Total
 
     Revenue                          14,614          (2,079)      237,784
     Costs                            13,968          (2,101)      186,641
     Gross Result                        646              22          n.a.
     Gross Margin                       4.4%           (1.1%)         n.a.
     SG & A Estimate                   1,206           4,105        12,457
     Operating Results                  (560)         (4,083)       38,686
     Operating Margin                 (3.8%)          196.4%         16.3%
 
 
                               (Thousands of USD)
 
     Q1 2000                 TFM           Ports        Special     Logistics
                                                         Mar.
 
     Revenue                146,665        19,062       29,036        21,882
     Costs                  106,339        10,506       24,622        15,823
     Gross Result                           8,556        4,414         6,059
     Gross Margin                           44.9%        15.2%         27.7%
     SG & A Estimate                        2,031        1,941         1,444
     Operating Results       40,326         6,525        2,473         4,615
     Operating Margin         27.5%         34.2%         8.5%         21.1%
 
 
      Q1 2000                        TexMex            Other        Total
 
     Revenue                          13,126          (3,447)      226,324
     Costs                            11,952          (3,403)      165,839
     Gross Result                      1,174             (44)         n.a.
     Gross Margin                       8.9%            1.3%          n.a.
     SG & A Estimate                   1,395           5,211        12,022
     Operating Results                  (221)         (5,255)       48,463
     Operating Margin                 (1.7%)         (152.5%)        21.4%
 
 
        Grupo Transportacion Ferroviaria Mexicana, S.A. De C.V. ("TFM")
       Reports First Quarter Results For The Period Ended March 31, 2001
 
     MEXICO CITY, Mexico, April 30 /PRNewswire/ -- Transportacion Ferroviaria
 Mexicana today reported operational results for the first quarter of 2001.
 Transportacion Maritima Mexicana, S.A. de C.V. (NYSE:   TMM and TMM/A) owns a
 significant interest in Transportacion Ferroviaria Mexicana (TFM).
 
     OPERATIONAL RESULTS FOR THE FIRST QUARTER OF 2001
     Consolidated net revenues for the first quarter of 2001 were
 $156.1 million, which represents an increase of $9.4 million or 6.4% from
 revenues of $146.7 million for the same period in 2000.  First quarter
 consolidated revenues were the highest recorded in any first quarter during
 TFM's operating history despite the impact of the slowdown of the U.S. economy
 which diminished the pace of TFM's growth from the first quarter of 2000.  At
 the same time, TFM's first quarter revenues for 2001 reflect the negative
 effects of seasonality as the year-end holiday season brought about a decrease
 in business volumes.  Despite these factors, TFM experienced growth in all
 product segments in the first quarter, with the highest growth in the
 automotive, metals and minerals and intermodal segments.  The intermodal
 product segment continued experiencing double-digit growth mainly as a result
 of TFM's strategy of conversion of traffic from truck to rail transport.
     Consolidated operating expenses for the first quarter of 2001 increased to
 $124.5 million from $106.3 million for the same period in 2000. The increase
 in operating expenses resulted mainly from higher variable direct costs
 related to the growth of TFM's business, including costs of salaries and
 fringe benefits, car hire and operating leases as new locomotives and freight
 cars were added to TFM's fleet.  Operating expenses were also affected by a
 21.5% increase in fuel costs as a consequence of high diesel fuel prices in
 the first quarter of 2001 compared to the first quarter of 2000.
     Consolidated operating profit for the first quarter of 2001 was
 $31.6 million, representing a decrease of $8.8 million from the first quarter
 of 2000.  The decrease in consolidated operating profit for the first quarter
 of 2001 was due mainly to the effects of higher fuel prices as well as higher
 car hire and operating lease costs. Increased car hire costs reflect TFM's use
 of higher-priced equipment needed in the automotive product segment which
 experienced larger than average volume growth relative to other product
 segments.  In addition, lease costs increased at a higher than average rate
 relative to the growth in overall operating costs as 25 GE 4000 H.P.
 locomotives were added to TFM's fleet.  These locomotives represent the final
 phase of a long-term leasing program under which a total of 150 new
 locomotives have been delivered to TFM by General Electric and Electro-Motive
 Division, a subsidiary of General Motors.  In connection with completion of
 the long-term leasing program, beginning in April 2001, locomotives operated
 by TFM under short-term leases are being returned to the supplier as those
 short-term leases begin to expire.  As a result of the foregoing, TFM's
 operating ratio (operating expenses as a percentage of revenues) for the first
 quarter of 2001 was 79.8% which represents an increase of 7.3% from the first
 quarter of 2000.
 
     FINANCIAL EXPENSES
     Net financial expenses incurred in the first quarter of 2001 were
 $18.9 million and include $ 10.7 million of amortization of discount
 debentures.  TFM recognized a $ 3.0 million foreign exchange gain resulting
 from a 1.2% appreciation of the peso against the dollar during the first
 quarter of 2001.
 
     NET INCOME
     Net income for the first quarter of 2001 was positively impacted by a one-
 time profit item resulting from the sale by TFM to the Mexican government of
 the La Griega-Mariscala line, an approximately 32-kilometer portion of
 redundant track in the vicinity of the city of Queretaro.  The profits from
 this sale (net of certain related costs and the results of sales of other
 assets in the first quarter) were recorded as other income in the amount of
 US$53.0 million.  On the other hand, net income for the first quarter was
 negatively impacted by a deferred income tax expense of $34.9 million,
 attributable mainly to the profits generated by the sale of the La Griega-
 Mariscala line, which are considered taxable income for 2001, together with
 the effects of TFM having estimated a higher depreciation of the peso against
 the dollar relative to the Mexican inflation rate for tax purposes during this
 period.
 
     EBITDA
     EBITDA for the first quarter of 2001 was $52.2 million which represented a
 decrease of $7.8 million or 13.0% from EBITDA for the first quarter of 2000.
 EBITDA margin (EBITDA as a percentage of revenues) for the first quarter of
 2001 was 33.5%.
 
     LIQUIDITY AND CAPITAL RESOURCES
     As of March 31, 2001, the accounts receivable balance increased by 4.1% to
 $130.2 million from $ 125.1 million at December 31, 2000.  Outstanding trade
 receivables were below 30 days, which meets TFM's objectives in the management
 of working capital. The accounts receivable balance includes, among other
 items, VAT (value-added tax) and IEPS (fuel tax) credits from ongoing business
 transactions.
     As of March 31, 2001, accounts payable and accrued expenses were
 $73.9 million, a decrease of $2.4 million or 3.1% from December 31, 2000
     TFM's capital expenditures were $14.4 million during the first quarter of
 2000.
     As of March 31, 2001, TFM had an outstanding net debt balance of
 $784.5 million, including the discounted value of a $290.0 million U.S.
 commercial paper issuance, and $42.9 million of cash and cash equivalents.
 TFM refinanced its Senior Secured Credit Facility through the U.S. Commercial
 Paper Program backed by letter of credit in September 2000 resulting in a
 substantial reduction in debt service.
 
            Grupo Transportacion Ferroviaria Mexicana, S.A. de C.V.
                                 and Subsidiary
                        Consolidated Statement of Income
                ( Amounts expressed in thousands of US dollars )
                                 ( Unaudited )
 
                                                       Three months ended
                                                           March 31,
                                                     2001              2000
 
                  Transportation revenues           156,085          $146,665
 
                  Operating expenses               (105,433)          (87,553)
                  Depreciation and
                   amortization                     (19,094)          (18,786)
                                                   (124,527)         (106,339)
 
                  Operating profit                   31,558            40,326
 
                  Other income (expenses)
                   - net                             53,042            (5,844)
 
                  Financial expenses - net          (22,005)          (25,892)
                  Exchange profit - net               3,046               803
                  Net comprehensive
                   financing cost                   (18,959)          (25,089)
 
                  Income before taxes                65,641             9,393
                       and minority
                        interest
                  Asset tax                               0            (6,000)
                  Deferred income tax               (34,898)           17,879
 
                  Income before minority
                   interest                          30,743            21,272
 
                  Minority interest                  (6,146)           (4,296)
 
                  Net income for the
                   period                           $24,597           $16,976
 
 
                  The consolidated financial statements were prepared in
                  accordance with International Accounting Standards
 
 
 
 
            Grupo Transportacion Ferroviaria Mexicana, S.A. de C.V.
                                 and Subsidiary
                           Consolidated Balance Sheet
                ( Amounts expressed in thousands of US dollars )
                                 ( Unaudited )
 
                                                   March 31,       December 31,
                                                     2001              2000
           Assets
           Current assets
               Cash and cash equivalents            $42,902           $33,038
               Accounts receivable - net            130,241           125,098
               Materials and supplies                23,805            23,854
               Other current assets                  10,276             8,930
                   Total current assets             207,224           190,920
           Due from Mexican Government               79,150                 0
           Concession, property and
            equipment - net                       1,787,621         1,799,550
           Other assets                              13,332            14,088
           Deferred income tax                      103,184           138,082
           Total assets                          $2,190,511        $2,142,640
 
           Liabilities and stockholders'
            equity
           Current liabilities
               Capital lease due within
                one year                                 $0            $4,227
               Accounts payable and
                accrued expenses                     73,947            76,318
                   Total current liabilities         73,947            80,545
               Long-term debt  and capital
                lease obligation                    827,361           811,324
               Other non-current
                liabilities                          14,142             6,453
                   Total long-term liabilities      841,503           817,777
           Total liabilities                        915,450           898,322
           Minority interest                        376,522           370,376
           Stockholders' equity
               Capital stock                        807,008           807,008
               Retained earnings                     91,531            66,934
                   Total stockholders'
                    equity                          898,539           873,942
           Total liabilities and
            stockholders' equity                 $2,190,511        $2,142,640
 
           The consolidated financial statements were prepared in accordance
           with International Accounting Standards
 
 
 
            Grupo Transportacion Ferroviaria Mexicana, S.A. de  C.V.
                                 and Subsidiary
                      Consolidated Statement of Cash Flows
               ( Amounts expressed in thousands of  US dollars )
                                 ( Unaudited )
 
                                                        Three months ended
                                                             March 31
                                                      2001              2000
         Cash flows from operating
          activities:
         Net income for the period                   $24,597           $16,976
         Adjustments to reconcile net
          income to net cash
            provided by operating
             activities:
            Depreciation and amortization             19,094            18,786
            Discount on senior secured
             debentures                               10,733             9,684
            Amortization of deferred
             financing costs                             783             1,561
            Other non cash item                      (14,774)           (8,092)
            Changes in working capital               (12,739)           (5,561)
            Total adjustments                          3,097            16,378
         Net cash provided by operating
          activities                                  27,694            33,354
         Cash flows from investing
          activities:
            Acquisitions of property and
             equipment - net                         (14,359)           (6,668)
            Sale of equipment                             51             6,040
         Net cash used in investing
          activities                                 (14,308)             (628)
         Cash flows from financing
          activities:
            Proceeds from (payments of)
             commercial paper - net                   (1,743)                0
            Proceeds from capital lease
             obligations                               2,980                 0
            Payments of revolving credit
             facility - net                                0           (10,000)
            Principal payments under
             capital lease obligations                (4,759)           (4,227)
            Principal payments of senior
             secured credit facility                       0           (22,611)
         Net cash used in financing
          activities                                  (3,522)          (36,838)
         Increase (Decrease) in cash and
          cash equivalents                             9,864            (4,112)
         Cash and cash equivalents
            Beginning of period                       33,038            10,950
            End of period                            $42,902            $6,838
 
 
         The consolidated financial statements were prepared in accordance
               with International Accounting Standards
 
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X18454186
 
 SOURCE  Transportacion Maritima Mexicana, S.A.