October 26, 2006 at 20:17 PM EDT
Grupo TMM Reports Third-Quarter and Nine Months 2006 Financial Results

Grupo TMM, S.A. (NYSE: TMM) (BMV: TMM A) ("TMM" or the "Company") a Mexican multi-modal transportation and logistics Company, reported today its financial results for the third quarter and first nine months of 2006.

Management Overview

Javier Segovia, president of Grupo TMM, said, "The year 2006 is a pivotal transition year, many things needed to get done, and many things have been done. The Company has dramatically improved its debt profile while maintaining a reasonable cash position and is diligently focused on improving its equity performance. Maritime investments made since last July are achieving their EBITDA targets.

"Because the $200 million securitization took much longer to complete than we expected, our logistics investments have been delayed. With the completion of securitization in late September we can now build a base for the Company's financial stability. The Company is now free to sell old and inefficient assets and replace them with new and profitable ones. It is now free to collapse multiple layers of organizational structure, which has caused the Company a great amount of inefficiency and is free to now invest its new funds in additional ships, maintenance facilities for trucking, warehouses and transportation assets. As investment and performance continues to improve throughout 2007, TMM will be able to build upon its powerful brand name in an efficient and growth-oriented way."

Segovia continued, "We acknowledge and express management's disappointment that the Company will not meet its 2006 annualized EBITDA objectives described in previous conference calls. The $63 million target will now be $46.6 million entering 2007. Given accomplishments and initiatives under way, the Company is optimistic and determined to improve its EBITDA results between now and the first half of 2007.

"At Maritime, we have invested over $200 million since July of last year to purchase shipping assets and the minority interest in our former offshore and harbor towage ventures, which have improved this business' operating profit and EBITDA. We are rapidly building equity value through the accelerated repayment of the debt associated with our maritime assets, and their market values have continued to strengthen in the existing global environment. The current market value of our two financed product tankers is approximately $82.0 million and of our financed offshore fleet is approximately $151.0 million.

"At Logistics, we intend to replace or add 271 over-the-road tractors and 50 straight trucks to our current tractor fleet of 586 units and add 355 trailers to our current fleet of 825. All of this equipment will be received beginning in November of this year through April of next year. With these acquisitions of new equipment we will eliminate from our tractor fleet equipment which exceeds ten years in age and make Logistics a strong competitor and performer in 2007. Also, we are about to purchase our first warehousing company, which will close in November. As we have mentioned previously, the addition of warehousing facilities and capabilities will round out our logistics platform."

Segovia concluded, "Finally, corporate costs, which have in the past impacted operating profits, should begin to decline during the fourth quarter, as we eliminate our retirement benefits plan for management and fund the pension plan for retirees, as we centralize divisional back office functions, and as we improve the terms of our insurance policies. All of these actions should result in corporate costs of $17 million throughout 2007."

Financial Results

Comparing the third quarter of 2006 with the third quarter of 2005, TMM reported the following results:

--  Revenue of $59.1 million, down 24.3 percent from $78.1 million
--  Operating income of $3.5 million, up $2.4 million from $1.1 million
--  Operating margin of 6.0 percent, up 4.6 percentage points
--  Net loss of $8.0 million compared to net income of $4.1 million
    

Comparing the first nine months of 2006 with the first nine months of 2005, TMM reported the following results:

--  Revenue of $182.7 million, down 16.3 percent from $218.3 million
--  Operating income of $8.4 million, up $6.1 million from $2.3 million
--  Operating margin of 4.6 percent, up 3.5 percentage points
--  Net income of $63.5 million compared to net income of $148.2 million
    

Revenues in the third quarter and first nine months of 2006 compared to the same periods of 2005 were impacted by the sale of TMM's port assets in Colombia, amounting to $5.4 million in the third quarter and to $16.3 million in the nine months of 2006. Revenues were also impacted by the cancellation of service agreements with Kansas City Southern de Mexico, reflecting $11.0 million in the third quarter of 2006 and $20.0 million in the nine months of 2006. In the fourth quarter of 2006, the Company anticipates that the sale of its Colombian port assets will impact revenues $3.2 million and the cancellation of the service agreements with Kansas City Southern de Mexico by $9.0 million.

Third-quarter 2006 net interest expense was $7.2 million compared to $15.8 million in the same period of 2005. Net financial cost in third quarter 2006 was $11.4 million, including $5.6 million of amortization of expenses associated with the Company's redemption of its 2007 Notes. Net financial cost in third quarter 2005 was $18.9 million, including $3.0 million of amortization of expenses associated with the Company's debt.

Nine-month 2006 net interest expense was $20.8 million compared to $58.1 million in the same period of 2005. Net financial cost in the 2006 nine-month period was $45.7 million, including $24.0 million of amortization of expenses associated with the Company's redemption of its 2007 Notes. Net financial cost in the 2005 nine-month period was $71.5 million, including $13.6 million of amortization of expenses associated with the Company's debt.

SG&A of $7.6 million in third quarter 2006 decreased 9.0 percent over the same period of 2005. Nine-month 2006 SG&A increased 7.7 percent to $24.9 million over the same period of 2005. The increase in the 2006 nine-month period was primarily attributable to $0.9 million of expenses related to the migration of the Company's technology systems and hosting supplier and $0.4 million in employee bonuses paid in the second quarter of this year.

As of September 30, 2006, TMM's total outstanding debt was $377.2 million, of which $202.9 million is related to the Company's corporate debt and is supported by $177.9 million in a combination of cash, marketable securities and receivables from Kansas City Southern. Project finance debt of $174.3 million related to the acquisition of maritime assets is supported by $128.0 million of long-term contracted revenues, by the Mexican Maritime Law and by the total market value of these assets, which is estimated to be $233.0 million.

Total Debt Composition as of September 30, 2006
(Millions of dollars)

     Total Debt Composition as of September 30, 2006
                  (Millions of dollars)

     ------------------------------------------------
     Securitization Facility                   $200.0
     2006 Notes                                  $2.9
     *Two Product Tankers                       $58.7
     *Offshore Vessels                         $115.6
     ------------------------------------------------
     Total Debt (1):                           $377.2
     ------------------------------------------------
     Cash + Marketable Securities               $87.4
     KCS Receivables                            $90.5
                                               ------
     Total Cash + KCS Receivables              $177.9
     ------------------------------------------------
     Net Debt:                                 $199.3
     ------------------------------------------------

*Project finance assets

(1) The Company's total outstanding debt as reflected in its balance sheet as of September 30, 2006, includes an additional $2.2 million of accrued unpaid interest and is reduced $8.5 million of related expenses to be amortized over time.

DIVISIONAL RESULTS (All numbers in thousands)

Third Quarter 2006
--------------------------------------------------------------------------
                  Maritime    Logistics    Ports    Corporate and    Total
                                                       Others
--------------------------------------------------------------------------
Revenues            38,158      20,026     1,017          (147)     59,054
--------------------------------------------------------------------------
Costs               27,763      19,200     1,168          (209)     47,922
--------------------------------------------------------------------------
Gross Result        10,395         826      (151)           62      11,132
--------------------------------------------------------------------------
Gross Margin         27.2%        4.1%    (14.8%)         n.a.       18.9%
--------------------------------------------------------------------------
SG & A               1,293         622       455         5,246       7,616
--------------------------------------------------------------------------
Operating Results    9,102         204      (606)       (5,184)      3,516
--------------------------------------------------------------------------
Operating Margin     23.9%        1.0%    (59.6%)         n.a.        6.0%
--------------------------------------------------------------------------


*Third Quarter 2005
--------------------------------------------------------------------------
                  Maritime    Logistics    Ports    Corporate and    Total
                                                        Others
--------------------------------------------------------------------------
Revenues            43,400      26,940     7,859          (126)     78,073
--------------------------------------------------------------------------
Costs               35,646      26,063     7,039          (117)     68,631
--------------------------------------------------------------------------
Gross Result         7,754         877       820            (9)      9,442
--------------------------------------------------------------------------
Gross Margin         17.9%        3.3%     10.4%          n.a.       12.1%
--------------------------------------------------------------------------
SG & A               1,156       1,474     1,008         4,722       8,360
--------------------------------------------------------------------------
Operating Results    6,598        (597)     (188)       (4,731)      1,082
--------------------------------------------------------------------------
Operating Margin     15.2%       (2.2%)    (2.4%)         n.a.        1.4%
--------------------------------------------------------------------------


First Nine Months 2006
--------------------------------------------------------------------------
                  Maritime    Logistics    Ports    Corporate and    Total
                                                       Others
--------------------------------------------------------------------------
Revenues           106,292      71,792     4,850          (223)    182,711
--------------------------------------------------------------------------
Costs               79,860      66,273     3,538          (320)    149,351
--------------------------------------------------------------------------
Gross Result        26,432       5,519     1,312            97      33,360
--------------------------------------------------------------------------
Gross Margin         24.9%        7.7%     27.1%          n.a.       18.3%
--------------------------------------------------------------------------
SG & A               3,887       4,055     1,237        15,764      24,943
--------------------------------------------------------------------------
Operating Results   22,545       1,464        75       (15,667)      8,417
--------------------------------------------------------------------------
Operating Margin     21.2%        2.0%      1.5%          n.a.        4.6%
--------------------------------------------------------------------------


*First Nine Months 2005
--------------------------------------------------------------------------
                  Maritime    Logistics    Ports    Corporate and    Total
                                                       Others
--------------------------------------------------------------------------
Revenues           116,032      77,102    25,355          (199)    218,290
--------------------------------------------------------------------------
Costs               98,479      73,151    21,417          (206)    192,841
--------------------------------------------------------------------------
Gross Result        17,553       3,951     3,938             7      25,449
--------------------------------------------------------------------------
Gross Margin         15.1%        5.1%     15.5%          n.a.       11.7%
--------------------------------------------------------------------------
SG & A               3,157       3,960     3,120        12,892      23,129
--------------------------------------------------------------------------
Operating Results   14,396          (9)      818       (12,885)      2,320
--------------------------------------------------------------------------
Operating Margin     12.4%        0.0%      3.2%          n.a.        1.1%
--------------------------------------------------------------------------

*2005 results presented under continuing operations

SEGMENT RESULTS

Maritime

Comparing the third quarter and first nine months of 2006 with the same periods of last year:

--  Revenues decreased 12.1 percent in the 2006 third quarter and 8.4
    percent in the 2006 nine-month period due mainly to fewer offshore and
    tanker vessels in operation
--  Revenues were also impacted $0.7 million from atypical dry-docking
    activity in the 2006 third quarter and $3.2 million in the 2006 nine-month
    period
--  Improved operating profit and margins at all business segments due to
    cost reductions of 22.1 percent in the 2006 third quarter, and of 18.9
    percent in the 2006 nine-month period as a result of increased owned
    vessels
    

Logistics

Comparing the third quarter and first nine months of 2006 with the same periods of last year:

--  Overall revenues reflected a decline in both periods due to Kansas
    City Southern de Mexico contract losses
--  In the 2006 third quarter, trucking revenues increased 18.8 percent to
    $8.5 million and 36.0 percent to $25.9 million in the 2006 nine-month
    period due to 106 new tractors acquired throughout this year
--  In the 2006 third quarter, inbound logistics revenues increased 22.7
    percent to $5.1 million and 34.1 percent to $15.7 million in the 2006 nine-
    month period due mainly to increased volumes at Volkswagen
--  Improved operating profit due to costs reductions of 26.3 percent in
    the third quarter and 9.4 percent in the nine-month period mainly due to
    the elimination of unprofitable operations and activities
    

Ports and Terminals

Comparing the third quarter and first nine months of 2006 with the same periods of last year:

--  Revenues were impacted by the sale of port assets in Colombia and by a
    reclassification of net revenue at the shipping agencies business segment
--  Revenues at Acapulco decreased $0.4 million to $3.3 million in the
    2006 nine-month period due to a $0.8 million revenue decrease in the cruise
    ship business segment as a result of reduced calls at this port
--  Auto handling revenues improved $0.4 million in the 2006 nine-month
    period as export volumes to South America and Japan increased from 15,758
    automobiles to 26,874
    

Headquartered in Mexico City, TMM is a Latin American multimodal 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.

CONFERENCE CALL

TMM's management will host a conference call and Webcast to review financial and operational highlights on Friday, October 27 at 11:00 a.m. Eastern Time.

To participate in the conference call, please dial 888-694-4728 (domestic) or 973-582-2745 (international) and provide conference ID 7917967 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=35838. A replay of the conference call will be available through November 3, at 11:59 p.m. Eastern Time, by dialing 877-519-4471or 973-341-3080, and entering conference ID 7917967.On the Internet a replay will be available for 30 days at http://www.visualwebcaster.com/event.asp?id=35838.

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. and subsidiaries
             * Balance Sheet (under discontinuing operations)
                          - millions of dollars -


                                               September 30,  December 31,
                                                    2006          2005
                                                ============  ============

Current assets:
Cash and cash equivalents                             46.539       400.809
                                                ------------  ------------
Marketable securities                                 40.814
                                                ------------  ------------
                                                      87.353       400.809
                                                ------------  ------------
Accounts receivable
   Accounts receivable - Net                          36.271        43.267
                                                ------------  ------------
   Other accounts receivable                          24.877        19.615
                                                ------------  ------------
   Prepaid expenses and others current assets         10.423         7.295
                                                ------------  ------------
Total current assets                                 158.924       470.986
                                                ============  ============

Long -term account receivable                         90.525        48.763
                                                ============  ============
Property, machinery and equipment - Net              268.188       166.661
                                                ============  ============
Other assets                                          24.859        23.160
                                                ============  ============
Deferred taxes                                        94.136        83.556
                                                ============  ============
Total assets                                         636.632       793.126
                                                ============  ============

Current liabilities:
Bank loans and current maturities of long term
 liabilities                                          29.994        35.546
                                                ------------  ------------
Sale of accounts receivable                           16.224
                                                ------------  ------------
Suppliers                                             17.993        22.755
                                                ------------  ------------
Other accounts payable and accrued expenses           35.634        48.845
                                                ------------  ------------
      Total current liabilities                       99.845       107.146
                                                ============  ============
Long-term liabilities:
   Bank loans and other obligations                  148.996       524.763
                                                ------------  ------------
   Sale of accounts receivable                       175.746
                                                ------------  ------------
   Other long-term liabilities                        24.122        24.471
                                                ------------  ------------
Total long-term liabilities                          348.864       549.234
                                                ============  ============

Total liabilities                                    448.709       656.380
                                                ============  ============

Stockholders´ equity
   Common stock                                      121.158       121.158
                                                ------------  ------------
   Retained earnings                                  78.000        14.454
                                                ------------  ------------
   Initial accumulated translation loss              (17.757)      (17.757)
                                                ------------  ------------
Cumulative translation adjusted                       (2.710)        1.422
                                                ============  ============
                                                     178.691       119.277
                                                ------------  ------------
Minority interest                                      9.232        17.469
                                                ------------  ------------
Total stockholderÂ’s equity                           187.923       136.746
                                                ------------  ------------

Total liabilities and stockholders´ equity           636.632       793.126
                                                ============  ============


* Prepared in accordance with International Financial Reporting Standards.

Note: In accordance with International Financial Reporting Standards (IFRS)
number 5 "Non-current assets held for sale and discontinued operations" and
International Accounting Standards (IAS) number 21 (reviewed) "The effects
of changes in foreign exchange rates"; Grupo TMM, S. A. shows the effect of
the applications of its Financial Statements.

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


                                    Three months ended  Nine months ended
                                       September 30,       September 30,
                                      2006      2005      2006      2005
                                    ========  ========  ========  ========

Revenue from freight and services     59.054    78.073   182.711   218.290
                                    --------  --------  --------  --------

Cost of freight and services         (44.354)  (66.083) (139.436) (187.610)
                                    --------  --------  --------  --------
Depreciation of vessels and
 operating equipment                  (3.568)   (2.548)   (9.915)   (5.231)
                                    --------  --------  --------  --------

                                      11.132     9.442    33.360    25.449
                                    --------  --------  --------  --------

Administrative expenses               (7.616)   (8.360)  (24.943)  (23.129)
                                    --------  --------  --------  --------

Operating Income                       3.516     1.082     8.417     2.320
                                    ========  ========  ========  ========

Other income (expenses) - Net          0.091     9.170    (0.370)    8.544
                                    --------  --------  --------  --------

Financial (expenses) income - Net     (7.237)  (15.777)  (20.842)  (58.058)
                                    --------  --------  --------  --------
Amortization of expenses related to
 debt                                 (5.652)   (2.966)  (24.003)  (13.611)
                                    --------  --------  --------  --------
Exchange gain (loss) - Net             1.513    (0.157)   (0.843)    0.138
                                    --------  --------  --------  --------

Net financial cost                   (11.376)  (18.900)  (45.688)  (71.531)
                                    --------  --------  --------  --------

Loss before taxes and profit
 sharing                              (7.769)   (8.648)  (37.641)  (60.667)
                                    ========  ========  ========  ========

Benefit (provision) for taxes and
 profit sharing                        0.847    (1.731)    3.646     6.571
                                    --------  --------  --------  --------

Net  loss before discontinuing
 operations                           (6.922)  (10.379)  (33.995)  (54.096)
                                    ========  ========  ========  ========

Income from discontinuing
 operations                                                          1.364
                                    --------  --------  --------  --------
(Loss) income from disposal
 discontinuing business               (0.781)   15.618    98.610   203.622
                                    --------  --------  --------  --------

Net (loss) income for the period      (7.703)    5.239    64.615   150.890
                                    ========  ========  ========  ========

Attributable to:
   Minority interest                   0.295     1.095     1.068     2.701
                                    --------  --------  --------  --------
   Equity holders of GTMM, S.A.       (7.998)    4.144    63.547   148.189
                                    ========  ========  ========  ========

Weighted average outstanding shares
 (millions)                           56.963    56.963    56.963    56.963
(Loss) income earnings per share
 (dollars / share)                     (0.14)     0.07      1.12      2.60

Outstanding shares at end of period
 (millions)                           56.963    56.963    56.963    56.963
(Loss) income earnings per share
 (dollars / share)                     (0.14)     0.07      1.12      2.60
                                    ========  ========  ========  ========

* Prepared in accordance with International Financial Reporting Standards.

Note: In accordance with International Financial Reporting Standards (IFRS)
number 5 "Non-current assets held for sale and discontinued operations" and
International Accounting Standards (IAS) number 21 (reviewed) "The effects
of changes in foreign exchange rates"; Grupo TMM, S. A. shows the effect of
the applications of its Financial Statements


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


                                    Three months ended  Nine months ended
                                      September 30,       September 30,
                                      2006      2005      2006      2005
                                    ========  ========  ========  ========

Cash flow from operation activities:
Net loss before discontinuing
 operations                           (6.922)  (10.379)  (33.995)  (54.096)
                                    --------  --------  --------  --------

Charges (credits) to income not
 affecting resources:
      Depreciation & amortization      5.097     7.520    16.274    21.115
                                    --------  --------  --------  --------
      Deferred income taxes           (1.770)   (0.038)   (5.171)   (9.685)
                                    --------  --------  --------  --------
      Income from discontinued
       operation                       3.139              71.854
                                    --------  --------  --------  --------
      Other non-cash items            (0.726)  (14.547)   16.441   (13.642)
                                    --------  --------  --------  --------
   Total non-cash items                5.740    (7.065)   99.398    (2.212)
                                    --------  --------  --------  --------
      Changes in assets &
       liabilities                     0.525   (16.490)  (37.743)   14.246
                                    --------  --------  --------  --------
   Total adjustments                   6.265   (23.555)   61.655    12.034
                                    --------  --------  --------  --------

   Net cash provided (used in) by
    operating activities              (0.657)  (33.934)   27.660   (42.062)
                                    ========  ========  ========  ========

Cash flow from investing
 activities:
   Proceeds from sales of assets
    (net)                              0.188     0.539     9.089     1.760
                                    --------  --------  --------  --------
   Payments for purchases of assets  (38.543)  (78.798) (135.298)  (91.005)
                                    --------  --------  --------  --------
   Acquisition of shares of
    subsidiaries                      (0.392)            (19.462)  (34.059)
                                    --------  --------  --------  --------
   Sale of share of subsidiaries                18.876             210.680
                                    --------  --------  --------  --------
   Dividends paid to minority
    partners                                              (1.680)
                                    --------  --------  --------  --------

   Net cash (used in) provided by
    investment activities            (38.747)  (59.383) (147.351)   87.376
                                    ========  ========  ========  ========

Cash flow provided by financing
 activities:
   Short-term borrowings (net)                  (0.150)   (0.150)   (0.450)
                                    --------  --------  --------  --------
   Principal payments under capital
    lease obligations                           (0.126)             (0.151)
                                    --------  --------  --------  --------
   Sale (repurchase) of accounts
    receivable (net)                 191.624             191.624   (74.972)
                                    --------  --------  --------  --------
   Repayment of long-term debt      (166.610)   (0.616) (507.042)  (69.474)
                                    --------  --------  --------  --------
   Proceeds from issuance of
    long-term debt                    30.340    69.645   121.803    72.970
                                    --------  --------  --------  --------

   Net cash provided (used in) by
    financing activities              55.354    68.753  (193.765)  (72.077)
                                    ========  ========  ========  ========

   Net increase (decrease)  in cash   15.950   (24.564) (313.456)  (26.763)
                                    --------  --------  --------  --------
   Cash at beginning of period        71.403    50.949   400.809    53.148
                                    --------  --------  --------  --------
   Cash at end of period              87.353    26.385    87.353    26.385
                                    ========  ========  ========  ========

*Prepared in accordance with International Financial Reporting Standards.

Note: In accordance with International Financial Reporting Standards (IFRS)
number 5 "Non-current assets held for sale and discontinued operations" and
International Accounting Standards (IAS) number 21 (reviewed) "The effects
of changes in foreign exchange rates"; Grupo TMM, S. A. shows the effect of
the applications of its Financial Statements.


TMM COMPANY CONTACT:
Juan Fernandez
Chief Financial Officer
011-52-55-5629-8778
(Email Contact)

Brad Skinner
Senior VP, Investor Relations
011-52-55-5629-8725
203-247-2420
(Email Contact)

Monica Azar
Manager, Investor Relations
212-659-4975
(Email Contact)

AT DRESNER CORPORATE SERVICES:
Kristine Walczak (investors, analysts, media)
312-726-3600
(Email Contact)

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