Grupo TMM Reports Second-Quarter 2008 Financial Results

MEXICO CITY--(Marketwire - July 28, 2008) - Grupo TMM, S.A.B. (NYSE: TMM) and (BMV: TMM A) ("TMM" or the "Company"), a Mexican intermodal transportation and logistics company, reported today its financial results for the second quarter and first six months of 2008.

MANAGEMENT OVERVIEW

José F. Serrano, chairman and chief executive officer of Grupo TMM, stated, "We are very pleased to have successfully completed our 20-year Mexican Trust Certificates Program through the recent issuance of the third tranche. This facility is non recourse to the Company and is tied to the useful life of the vessels purchased with its proceeds. The Program was rated AA by Fitch Ratings, reflecting TMM's continued quality operating performance, increased demand for maritime transportation services in Mexico and the Mexican Navigation Law principles. This Program was the largest placement of long-term debt tied to the useful life of transportation assets that has been issued in the Mexican market, setting a milestone for this kind of transaction.

"With the total proceeds from the three tranches, approximately 8.94 billion pesos or approximately $868 million dollars, we refinanced 20 vessels in July of last year, which were at the time financed in U.S. dollars. Additionally, we acquired 12 offshore vessels and three product tankers, to service Mexico's exploration and transportation priorities. These actions are designed to further enhance the quality of TMM's offerings to its clients and to support the growth of TMM over the longer term.

"The second quarter of 2008 was a transitional period for the Company, as the closing of the third tranche was delayed due to market conditions, and as the majority of our new vessels have not been delivered yet and are not reflected in our results.

"However, due to the strong demand for vessels in the Mexican maritime transportation market, we foresee having all 15 new vessels in operation as they are delivered. We already have contracts with Pemex and other clients in place for six of these vessels, three of them starting during the third quarter, one in March of 2009 and two during the third quarter of 2009. Additionally, we will participate in bids for two contracts this week; four vessels are currently being built and will be delivered in 2009; and the three product tankers will start operations in the spot market as soon as they are delivered, which will keep them employed until long-term contracts are awarded."

Serrano continued, "The Company's Trust Certificates Program will provide non-restricted cash flow to TMM, as this structure provides that five percent of the collected revenues are released to TMM on monthly basis as the Trust receives each payment generated by each contract. An additional five percent success fee is released to TMM if the planned interest expense and principal generated from the Trust Certificates are paid according to schedule. Moreover, after the third year of the Program, if all required payments have been fulfilled, and provided that the required reserve funds are fully funded, TMM is entitled to receive at the end of each semi-annual period up to 50 percent of any excess cash and 50 percent is used by the Trust to pay down principal. At the end of the Program, TMM will receive the remaining cash, and the Trust will transfer all assets plus the residual value of the vessels, which could represent approximately 20 percent of the original investment, back to TMM.

"Assuming no change in TMM's current EBITDA run rate, and taking in consideration the anticipated dry dock maintenance of the Maritime fleet in the second quarter, we maintain our EBITDA run rate guidance of approximately $90 million for the fourth quarter of 2008 and estimate an EBITDA run rate of approximately $132 million for the fourth quarter of 2009."

Serrano added, "With the successful completion of our Trust Certificates financing, we are now focused on consolidating the financial stability of the Company through the refinancing of our securitization facility, which we expect to complete before year end. To assist in this refinancing, the Company has identified certain non-productive, non-strategic assets which could be sold, using the proceeds from these sales to partially pay down this securitization facility.

"Additionally, to support our shareholders in these times of high volatility in the Markets, the Company reactivated its share repurchase program. Since this program was authorized in December 2007, the Company has repurchased 687,800 shares."

Serrano concluded, "With the completion of our efforts to raise capital to acquire vessels in response to the critical need for oil exploration in Mexico, our next priority is to capitalize TMM and reduce our debt service. We will also look at new strategies that will enable us to gain our full potential market share and improve our operating performance and cost management. We see tremendous opportunity in front of us and look forward to building positive momentum in 2008 and beyond. We are committed to improving operating results and providing economic value to our shareholders."

FINANCIAL RESULTS

In the second quarter of 2008, consolidated revenues increased 26.3 percent to $92.6 million, compared to $73.3 million in the same period of 2007. In the six-month period of 2008, consolidated revenues improved 25.8 percent to $178.5 million compared to $141.9 million in the 2007 period. These increases were mainly due to higher volumes at Maritime, and at Logistics, due to the incorporation of the auto hauling business and to higher volumes.

In the first six months of 2008, consolidated transportation income decreased 10.8 percent to $11.5 million compared to $12.9 million in the first six months of 2007, mainly due to profit reductions at Ports and Logistics and to the anticipated dry dock maintenance of certain vessels, which will benefit Maritime results in the second half of the year.

Costs and operating expenses in the second quarter of 2008 increased 36.3 percent to $79.2 million compared to $58.1 million in the same period of 2007. Comparing the six-month period of 2008 with the same period of 2007, costs and operating expenses increased 32.5 percent, from $111.7 million in the 2007 period to $148.0 million in the 2008 period. These increases were impacted by the appreciation of the peso versus the dollar, by increased revenues, by costs related to the Company's auto hauling business and by an increase of $12.4 million of costs in vessel leases due to additional vessels in operation.

Corporate expenses in the second quarter and first half of 2008 were lower than in the second quarter and first half of 2007. The ratio of corporate expenses to total revenue decreased to 4.3 percent in the second quarter of 2008 compared to 6.1 percent in the same period last year, and to 4.8 percent in the first six months of 2008 compared to 6.4 percent in the 2007 first half.

In the second quarter of 2008, EBITDA decreased to $12.6 million compared to $13.5 million in the same period last year. In the first six months of 2008, EBITDA increased to $28.8 million compared to $26.3 million in the same period last year.

Net financial cost in the second quarter of 2008 was $18.7 million, increasing $8.4 million compared to $10.3 million incurred in the same period of 2007. Net financial cost in the first six months of 2008 was $35.1 million, increasing $14.2 million compared to $20.9 million incurred in the same period of 2007. These increases were mainly due to a net increase in interest expense of $13.7 million and of $19.4 million in the second quarter and first six months of 2008, respectively, attributable to a higher balance of debt from the first and second issuances of Trust Certificates used to acquire new vessels, and to the appreciation of the peso versus the dollar in the 2008 periods. These increases were partially reduced by an interest decrease of $3.2 million in the first six months of 2008 resulting from a prepayment of the securitization facility in the 2007 period.

CONFERENCE CALL

TMM's management will host a conference call and Webcast to review financial and operational highlights on Tuesday, July 29 at 11:00 a.m. Eastern Time.

To participate in the conference call, please dial (877) 888-4605 (domestic) or (416) 695-6320 (international) at least five minutes prior to the start of the event. Accompanying visuals and a simultaneous Webcast of the meeting will be available at http://www.visualwebcaster.com/event.asp?id=49626.

A replay of the conference call will be available through August at 11:59 p.m. Eastern time, by dialing (800) 408-3053 or (416) 695-5800, and entering conference ID 3265879. On the Internet a replay will be available for 30 days at http://www.visualwebcaster.com/event.asp?id=49626.

Headquartered in Mexico City, TMM is a Latin American intermodal transportation company. Through its branch offices and network of subsidiary companies, TMM provides a dynamic combination of ocean and land transportation services. Visit TMM's Web site at www.grupotmm.com. The site offers Spanish/English language options.

Included in this press release 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 speak only as of the date they are made and are based on the beliefs of the Company's management as well as on assumptions made. Actual results could differ materially from those included in such forward-looking statements. Readers are cautioned that all forward-looking statements involve risks and uncertainty. The following factors could cause actual results to differ materially from such forward-looking statements: global, US and Mexican economic and social conditions; the effect of the North American Free Trade Agreement on the level of US-Mexico trade; the condition of the world shipping market; the success of the Company's investment in new businesses; risks associated with the Company's reorganization and restructuring; the ability of the Company to reduce corporate overhead costs; the ability of management to manage growth and successfully compete in new businesses; and the ability of the Company to restructure or refinance its indebtedness. These risk factors and additional information are included in the Company's reports on Form 6-K and 20-F on file with the United States Securities and Exchange Commission.

                    Grupo TMM, S.A.B. and subsidiaries
             * Balance Sheet (under discontinuing operations)
                          - millions of dollars -


                                                  June 30,    December 31,
                                                    2008          2007
                                                ------------  ------------
Current assets:
Cash and cash equivalents                             92.580        52.235
                                                ------------  ------------
Accounts receivable
   Accounts receivable - Net                          49.598        44.812
                                                ------------  ------------
   Other accounts receivable                          51.471        32.698
                                                ------------  ------------
   Prepaid expenses and others current assets         16.122        12.506
                                                ------------  ------------
Total current assets                                 209.771       142.251
                                                ============  ============
Property, machinery and equipment                    554.272       453.069
                                                ------------  ------------
Cumulative Depreciation                             (121.421)     (108.830)
                                                ------------  ------------
Property, machinery and equipment - Net              432.851       344.239
                                                ============  ============
Other assets                                          65.769        59.866
                                                ============  ============
Deferred taxes                                       115.818       115.818
                                                ============  ============
Total assets                                         824.209       662.174
                                                ------------  ------------

Current liabilities:
Bank loans and current maturities of long-term
 liabilities                                          17.591        10.547
                                                ------------  ------------
Sale of accounts receivable                           14.210        13.463
                                                ------------  ------------
Suppliers                                             32.869        28.660
                                                ------------  ------------
Other accounts payable and accrued expenses           46.833        40.127
                                                ------------  ------------
      Total current liabilities                      111.503        92.797
                                                ============  ============
Long-term liabilities:
                                                ------------  ------------
   Bank loans                                         67.826        49.707
                                                ------------  ------------
   Trust certificates debt (1)                       306.749       139.231
                                                ------------  ------------
   Deferred Credit related to the trust
    certificates debt (1)                            109.762       121.531
                                                ------------  ------------
   Sale of accounts receivable                       107.194       113.362
                                                ------------  ------------
   Other long-term liabilities                        27.639        26.684
                                                ------------  ------------
Total long-term liabilities                          619.170       450.515
                                                ============  ============

Total liabilities                                    730.673       543.312
                                                ------------  ------------
Stockholders' equity
   Common stock                                      119.928       121.094
                                                ------------  ------------
   Retained earnings                                 (12.974)       11.885
                                                ------------  ------------
   Initial accumulated translation loss              (17.757)      (17.757)
                                                ------------  ------------
Cumulative translation adjusted                       (1.626)       (2.263)
                                                      87.571       112.959
                                                ------------  ------------
   Minority interest                                   5.965         5.903
                                                ------------  ------------
Total stockholders' equity                            93.536       118.862
                                                ------------  ------------
Total liabilities and stockholders' equity           824.209       662.174
                                                ------------  ------------

* Prepared in accordance with International Financial Reporting Standards.

(1) The Trust Certificates have two portions, one secured by the assets
    contributed to the Trust (vessels and cash), and another one which
    shows the difference between the net balance of the Trust assets and
    the Trust liabilities, and represents a deferred credit without
    recourse to the Company, which will be paid with future services
    rendered over the life of the Trust






                    Grupo TMM, S.A.B. and subsidiaries
          * Statement of Income (under discontinuing operations)
                          - millions of dollars -



                                    Three months ended   Six months ended
                                         June 30,            June 30,
                                      2008      2007      2008      2007
                                    --------  --------  --------  --------
Ports                                  1.804     1.943     4.235     4.677
Maritime                              50.132    45.495    99.085    87.379
Logistics                             37.365    25.932    70.683    50.017
Corporate and others                   3.259    (0.066)    4.474    (0.150)
                                    --------  --------  --------  --------
Revenue from freight and services     92.560    73.304   178.477   141.923
                                    --------  --------  --------  --------
Ports                                 (1.417)   (1.385)   (2.973)   (2.914)
Maritime                             (36.701)  (31.170)  (68.625)  (58.399)
Logistics                            (37.578)  (25.664)  (71.415)  (50.583)
Corporate and others                  (3.496)    0.068    (5.034)    0.161
                                    --------  --------  --------  --------
Cost of freight and services         (79.192)  (58.151) (148.047) (111.735)
                                    --------  --------  --------  --------
Ports                                 (0.221)   (0.192)   (0.437)   (0.384)
Maritime                              (3.875)   (3.525)   (7.500)   (6.928)
Logistics                             (1.143)   (0.457)   (2.361)   (0.882)
Corporate and others                  (0.011)   (0.004)   (0.014)   (0.008)
                                    --------  --------  --------  --------
Depreciation of vessels and
 equipment                            (5.250)   (4.178)  (10.312)   (8.202)
                                    --------  --------  --------  --------

Corporate expenses                    (3.983)   (4.448)   (8.589)   (9.064)
                                    --------  --------  --------  --------
Ports                                  0.166     0.366     0.825     1.379
Maritime                               9.556    10.800    22.960    22.052
Logistics                             (1.356)   (0.189)   (3.093)   (1.448)
Corporate and others                  (4.231)   (4.450)   (9.163)   (9.061)
                                    --------  --------  --------  --------
Transportation Income                  4.135     6.527    11.529    12.922
                                    --------  --------  --------  --------
Other (expenses) income   - Net        1.283     3.055     0.384     3.163
                                    --------  --------  --------  --------
Operating  Income                      5.418     9.582    11.913    16.085
                                    ========  ========  ========  ========
Financial (expenses) income - Net    (10.174)  (10.657)  (24.686)  (20.495)
                                    --------  --------  --------  --------
Exchange (loss) gain - Net            (8.498)    0.350   (10.388)   (0.432)
                                    --------  --------  --------  --------
Net financial cost                   (18.672)  (10.307)  (35.074)  (20.927)
                                    --------  --------  --------  --------

Loss before taxes                    (13.254)   (0.725)  (23.161)   (4.842)
                                    ========  ========  ========  ========

Provision for taxes                   (1.460)   (0.230)   (1.460)   (0.799)
                                    --------  --------  --------  --------

Net loss for the period              (14.714)   (0.955)  (24.621)   (5.641)
                                    --------  --------  --------  --------
Attributable to:
   Minority interest                   0.192    (0.308)    0.564     0.066
                                    --------  --------  --------  --------
Equity holders of GTMM, S.A.B.       (14.906)   (0.647)  (25.185)   (5.707)
                                    --------  --------  --------  --------

Weighted average outstanding shares
 (millions)                           56.704    56.963    56.802    56.963
Loss earnings per share
 (dollars/share)                       (0.26)    (0.01)    (0.44)    (0.10)

Outstanding shares at end of period
 (millions)                           56.385    56.963    56.385    56.963
Loss earnings per share
 (dollars/share)                       (0.26)    (0.01)    (0.45)    (0.10)
                                    --------  --------  --------  --------

* Prepared in accordance with International Financial Reporting Standards.






                    Grupo TMM, S.A.B. and subsidiaries
        * Statement of Cash Flow (under discontinuing operations)
                          - millions of dollars -


                                    Three months ended   Six months ended
                                         June 30,            June 30,
                                      2008      2007      2008      2007
                                    --------  --------  --------  --------
Cash flow from operation
 activities:
Net  loss before discontinuing
 operations                          (14.714)   (0.955)  (24.621)   (5.641)
                                    --------  --------  --------  --------

Charges (credits) to income not
 affecting resources:
      Depreciation & amortization      8.469     6.974    17.235    13.337
                                    --------  --------  --------  --------
      Deferred income taxes                     (2.216)             (2.216)
                                    --------  --------  --------  --------
      Other non-cash items            35.381    10.860    44.991    20.918
                                    --------  --------  --------  --------
   Total non-cash items               43.850    15.618    62.226    32.039
                                    --------  --------  --------  --------
      Changes in assets &
       liabilities                   (35.094)    7.559   (27.984)    9.838
                                    --------  --------  --------  --------
   Total adjustments                   8.756    23.177    34.242    41.877
                                    --------  --------  --------  --------

   Net cash provided by operating
    activities                        (5.958)   22.222     9.621    36.236
                                    ========  ========  ========  ========

Cash flow from investing
 activities:
   Proceeds from sales of assets       0.481     6.214     0.519     6.834
                                    --------  --------  --------  --------
   Payments for purchases of assets  (47.611)  (44.179) (102.001)  (76.624)
                                    --------  --------  --------  --------
   Acquisition of shares of
    subsidiaries                                (3.771)             24.504
                                    --------  --------  --------  --------
   Paid to minority partners                    (2.450)             (2.450)
                                    --------  --------  --------  --------
   Common stock  decrease of
    subsidiaries                                          (0.490)
                                    --------  --------  --------  --------

   Net cash used in investment
    activities                       (47.130)  (44.186) (101.972)  (47.736)
                                    ========  ========  ========  ========

Cash flow provided by financing
 activities:
   Short-term borrowings (net)        (0.217)   (3.079)    2.526     2.317
                                    --------  --------  --------  --------
   Sale (repurchase) of accounts
    receivable (net)                  (7.241)  (10.030)  (14.537)  (20.138)
                                    --------  --------  --------  --------
   Repayment of long-term debt       (52.119)  (10.020)  (56.863)  (20.527)
                                    --------  --------  --------  --------
   Proceeds from issuance of
    long-term debt                   149.161    52.500   202.411    52.500
                                    --------  --------  --------  --------
   Sale (Acquisition) of treasury
    shares, net                       (0.746)             (0.841)
                                    --------  --------  --------  --------

   Net cash provided (used in) by
    financing activities              88.838    29.371   132.696    14.152
                                    ========  ========  ========  ========

   Net increase (decrease)  in cash   35.750     7.407    40.345     2.652
   Cash at beginning of period        56.830    33.911    52.235    38.666
                                    --------  --------  --------  --------
   Cash at end of period              92.580    41.318    92.580    41.318
                                    --------  --------  --------  --------

* Prepared in accordance with International Financial Reporting Standards.

Contact Information: TMM COMPANY CONTACT: Jacinto Marina Chief Financial Officer 011-525-55-629-8866 ext. 2901 Monica Azar Investor Relations 917-597-5361 or 011-525-55-629-8866 ext. 3421 AT DRESNER CORPORATE SERVICES: Kristine Walczak (investors, analysts, media) 312-726-3600