The financial results during the second quarter of 2024 for Grupo México Transportes (GMXT) were impacted by high migratory flows that caused a decrease in its net profit, productivity and operating flow, according to its report sent to the investing public.
“Our railway network received an unprecedented number of migrants entering our country, causing high levels of congestion. Which was reflected in an increase in costs and impacts on operating metrics, as well as sales,” said the company, a member of Grupo México.
According to its report sent to the Mexican Stock Exchange (BMV) , its net profit went from two thousand 814 million pesos (mdp) to two thousand 790 million pesos during the period from April to June, which translated into a year-on-year decrease of 1 percent.
While the volume transported during the period grew 10.5% compared to the same quarter of 2023, reaching 525,184 cars transported. Volume growth was led by the intermodal segment, with a 32% increase in cars transported, followed by the agricultural segment, which grew 13% in cars transported.
“We lost almost 50 thousand loads (an additional 12%) that we could not transport due to the impact on the capacity and service we had for the reasons mentioned above,” he explained.
Regarding his income, he said that these increased by 5.8% year-on-year, totaling 15,163 million pesos, the result of a 7.1% increase in volume and a 1.4% reduction in net price due to the revaluation of the exchange rate of the peso against the dollar.
Regarding EBITDA, it reached six thousand 290 million, showing a reduction of 7% compared to the same period in 2023. “The margin reports a decrease of 570 basis points due to the immigration crisis that has affected our operation during the year” , stated GMXT.
He assured that his productivity was diminished in a considerable way due to the constant operations carried out to inhibit migrants from using the freight railway as a means of transportation.
In this sense, he assured that stopping trains on the way for up to four days slowed down the network to the point of saturation, which generated replacement of crews (several per train moved), diesel consumption outside of optimal performance, delays in locomotives and cars that more than doubled their normal transit time.
“We are in constant dialogue with federal authorities and today we can report zero trains boarded by crowds, managing to avoid the risks incurred by migrants when traveling illegally aboard freight trains,” he assured.
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