Mexico oil sector boosts TMM's Q3 income
Mexican infrastructure, logistics and transportation company Grupo TMM saw third quarter revenues bolstered by the maritime transport business of the country's oil and gas sector.
The period's consolidated income came in at US$607mn, up 8.5% on 3Q16, with consolidated Ebitda of US$145mn, representing a US$134mn year-on-year increase, TMM said in a results release.
Maritime fleet utilization was 45% in offshore operations and 78% in product and chemical tankers, and the company's maritime business saw Ebitda rise by 70.2% against 3Q16 to US$151mn.
"The Mexican energy industry is attractive for foreign investors with Mexican energy reforms now producing sustainable effects and the recovery of the oil industry," said TMM's CEO Jose F. Serrano. "This, as well as the strategies we have undertaken to diversify our customers and sources of income, has allowed us to improve revenues during the 2017 third quarter and nine months compared to last year."
Investment in Mexico's fuel sector is growing as a result of the liberalization of the sector, and the government expects to see investment total some US$4bn over the coming years.
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