advertisement

---

On Feb. 26, TFM S.A. de C.V. reported fourth-quarter consolidated net revenue of $175.2 million, a 2.5 percent decrease compared with the same 2002 period.

TFM's quarterly volume dropped 0.8 percent because of an economic and foreign trade downturn, the devaluation of the peso and the auto industry's seasonal shutdown, according to a prepared statement.

Quarterly operating profit of $32.1 million decreased 2.4 percent, operating expenses increased 8.3 percent and operating ratio of 81.6 worsened about 2 points compared with fourth-quarter 2002. TFM reported a quarterly operating loss of $800,000.

For all of 2003, TFM earned consolidated net revenue of $698.5 million, a 1.9 percent decrease compared with 2002. The railroad's 2003 operating ratio worsened more than 2 points to 81.1. However, TFM reported an annual operating loss of $8 million compared with $53 million in 2002.