*DIVISIONAL RESULTS (All numbers in thousands)

First Quarter 2007	Maritime	Logistics	Ports	Corporate and Others	Total
Revenues	41,884	24,085	2,734	(84)	68,619
Costs	30,351	21,992	1,216	(88)	53,471
Gross Result	11,533	2,093	1,518	4	15,148
Gross Margin	27.5%	8.7%	55.5%	n/a	22.1%
SG & A	1,505	1,594	433	5,221	8,753
Operating Results	10,028	499	1,085	(5,217)	6,395
Operating Margin	23.9%	2.1%	39.7%	n/a	9.3%

 

First Quarter 2006	Maritime	Logistics	Ports	Corporate and Others	Total
Revenues	31,189	29,159	2,104	(60)	62,392
Costs	24,385	26,905	1,171	(146)	52,315
Gross Result	6,804	2,254	933	86	10,077
Gross Margin	21.8%	7.7%	44.3%	n/a	16.2%
SG & A	1,321	1,573	387	5,080	8,361
Operating Results	5,483	681	546	(4,994)	1,716
Operating Margin	17.6%	2.3%	26.0%	n/a	2.8%