Servicios Administratiovos De Transportacion Sa De CV F-4 Registration of securities (foreign)

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Exhibit 11.1

Grupo TMM, S. A. and Subsidiaries
Computation of Earnings per Share (IAS & U.S. GAAP)

	Six Months Ended June 30,			Year Ended December 31,
(In thousands of dollars except share data)	2003		2002	2002		2001		2000		1999		1998
Shares at the end of period	56,963,137		56,963,137	56,963,137		56,963,137		17,441,590		17,441,590		3,219,548
Yearly weighted average shares	56,963,137		56,963,137	56,963,137		18,693,635		17,441,590		13,705,204		3,219,548
IAS:
Net Income (Loss) from continuing operations	9,891		7,944	(42,609	)	8,925		7,265		76,611		4,215
Net Income (Loss) from discontinued operations	—		—	—		—		(5,535	)	(139,259	)	(13,807	)
Net Income (Loss)	9,891		7,944	(42,609	)	8,925		1,730		(62,648	)	(9,592	)
Earnings (Loss) per share from continuing operations	0.174		0.139	(0.748	)	0.476		0.419		5.590		1.308
Earnings (Loss) per share from discontinued operations								(0.321	)	(10.161	)	(4.288	)
Earnings (Loss) per share	0.174		0.139	(0.748	)	0.476		0.098		(4.571	)	(2.980	)
U.S. GAAP:
Net Income (Loss) from continuing operations	(61,112	)	8,495	(24,486	)	(12,345	)	4,988		82,778		(11,613	)
Net Income (Loss) from discontinued operations	90,377		8,767	35,134		30,181		(1,165	)	(153,541	)	(8,040	)
Net Income (Loss) from extraordinary item-Net								(5,075	)
Net Income (Loss)	29,265		17,262	10,648		17,836		(1,252	)	(70,763	)	(19,653	)
Earnings (Loss) per share from continuing operations	(1.073	)	0.149	(0.430	)	(0.663	)	0.287		6.034		(3.602	)
Earnings (Loss) per share from discontinued operations	1.587		0.153	0.616		1.615		(0.069	)	(11.200	)	(2.516	)
Earnings (Loss) per share from extraordinary item -Net								(0.293	)
Earnings (Loss) per share	0.514		0.302	0.186		0.952		(0.075	)	(5.166	)	(6.118	)

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Exhibit 11.1

Grupo TMM, S. A. and Subsidiaries Computation of Earnings per Share (IAS & U.S. GAAP)