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The Mexican rail freight company GMXT witnessed an increase of income by 27 per cent in the first half of this year. The publicly traded company had a total income of 21.6 billion Mexican Pesos (981.6 million Euros) in H1 2018.
GMXT´s income totalled 11.6 billion Mexican Pesos in Q2 2018, up 31 per cent from Q2 2017. The company said that the agriculture division accounted for 24 per cent of the total income, having earned GMXT 3.1 billion Mexican pesos, up 18 per cent from Q2 2017. The company handled 30,503 cereal wagons for animal feed.
Automotive and energy
The intermodal division revenue totalled 1.6 billion of Mexican pesos, 10 per cent more than the same period last year. The mineral division increased by 12 per cent to 1.3 billion Mexican pesos, the automotive division by 3 per cent to 1.08 billion Mexican pesos, the chemical division by 16 per cent to 870 million Mexican pesos and the energy division by 16 per cent to 827 million Mexican pesos.
The increase in the automotive division was due to car exports to the US, while the energy division was boosted due to diesel, petrol, gas and coal imports from the US after the liberalisation of the Mexican energy industry, GMXT reported to the Mexican Stock Exchange (BMV). The Mexican firm expects to complete its new oil warehouses in Q4 2018. “One of our main objectives is having a 65 per cent market share in the Mexican petrol logistics market and a 70 per cent share of jet oil”, GMXT noted.
Metal and cement
Meanwhile, the cement division increased by 27 per cent to 534 million Mexican pesos and the metal division by 11 per cent to 482 million Mexican pesos. “The growth curve in metal exports is still high despite new US tariffs on Canadian and Mexican exports,” GMXT added.
Finally, the rating agency S&P Global ratings kept GMXT´S risk rating at mxAAA because the company has cut its debt level and its revenue growth has a positive outlook.
This article first appeared on www.railfreight.com
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