Volumes fall at Rio Grande and Salvador

In particular, consolidated net revenues fell by 14.5% on a quarterly basis mostly from a decline in volumes at the Company’s port terminals and towage businesses respectively, although operating profit improved from an expanded presence in the offshore business, a higher number of special operations in towage and an increase in warehousing-related activities at port terminals and logistics.

With regard to the company’s Tecon Rio Grande (TRG) and Tecon Salvador (TS) container terminals, total net revenue was down by 10.3% while volumes fell by 6.5% and 18.3% respectively

According to the company the main reasons for the decline in Q1 2009 results were lower export volumes due to the negative impact of the current economic downturn which deepened as of late 2008.