Grupo TMM closed out 2018 in much better fashion after cutting off an ailing subsidiary.
The Mexican shipowner posted a MXN 47.8m ($2.5m) profit for the last three months of 2018, an improvement from the $193.6m loss it reported at the end of 2017.
The improvement, the Mexico City-traded company said, was due to spinning off TMM Division Maritima (TMMDM) announced last December.
Chief executive Jose Serrano said the plan saw 85% of shares in TMMDM transferred to bondholders.
"Since then Grupo TMM deconsolidated the corresponding liabilities of [$611.7m] and assets of [$432.5m]," he said.
"Grupo TMM continues to manage and operate TMMDM vessels through a maritime services agreement."
TMMDM operates supply vessels, tankers and tugboats. The subsidiary had $546m in debt when the spin-off was announced.
Grupo TMM retained its ports and terminals business.
In the fourth quarter of 2018, Grupo TMM posted $19m in revenue, compared to $35.7m a year ago.
Ebitda came in at $3.6m versus $4.7m in the fourth quarter of 2017.
