Compania Arrendadora TMM Sa De CV F-1 Registration statement (foreign)

Exhibit 11.1

Grupo TMM, S.A. and Subsidiaries
Computation of Earnings per Share (IFRS & U.S. GAAP)
($ in thousands, except ratio data)

	June 30,				December 31,
	2004		2003		2003		2002		2001		2000		1999
Shares at the end of period	56,963,137		56,963,137		56,963,137		56,963,137		56,963,137		17,441,590		17,441,590
Yearly weighted average shares	56,963,137		56,963,137		56,963,137		56,963,137		18,693,635		17,441,590		13,705,204
IFRS:
Net Income (Loss) from continuing operations	(10,945	)	9,891		(86,662	)	(42,609	)	8,925		7,265		76,611
Net (Loss) Income from discontinued operations											(5,535	)	(139,259	)
Net Income (Loss)	(10,945	)	9,891		(86,662	)	(42,609	)	8,925		1,730		(62,648	)
Earnings (Loss) per share from continuing operations	(0.192	)	0.174		(1.521	)	(0.748	)	0.477		0.419		5.590
(Loss) Earnings per share from discontinued operations											(0.321	)	(10.161	)
Earnings (Loss) per share	(0.192	)	0.174		(1.521	)	(0.748	)	0.477		0.098		(4.571	)
U.S. GAAP:
Net Income (Loss) from continuing operations			(61,112	)	(136,937	)	(24,486	)	(12,345	)	4,988		82,778
Net (Loss) Income from discontinued operations			90,377		89,867		35,134		30,181		(1,165	)	(153,541	)
Net (Loss) Income from extraordinary item—Net											(5,075	)
Net Income (Loss)			29,265		(47,070	)	10,648		17,836		(1,252	)	(70,763	)
Earnings (Loss) per share from continuing operations			(1.073	)	(2.404	)	(0.430	)	(0.640	)	0.287		6.042
(Loss) Earnings per share from discontinued operations			1.587		1.578		0.617		1.614		(0.069	)	(11.208	)
(Loss) Earnings per share from extraordinary item—Net											(0.293	)
Earnings (Loss) per share			0.514		(0.826	)	0.187		0.974		(0.075	)	(5.166	)