America Movil posts Q1 profit up 25%
Tweet
Share
E-mail
The logo of America Movil is pictured on the wall at a reception area in the company's corporate offices, in Mexico City, Mexico January 25, 2022. REUTERS/Gustavo Graf
MEXICO CITY, April 21 (Reuters) - Mexican telecoms giant America Movil on Tuesday posted a 25.1% rise in profit for the first quarter, driven by stronger operating earnings and lower financing costs.
America Movil, controlled by the family of Mexican billionaire Carlos Slim, reported a net profit of 23.40 billion pesos ($1.31 billion) as the company added 3.0 million postpaid mobile clients while still losing 90,000 prepaid subscribers.
• Revenues for the quarter ticked up 2.1% to 236.84 billion pesos ($13.21 billion), above the predicted dollar-denominated revenues of $13.19 billion forecast by LSEG.
• Brazil led postpaid additions with 1.3 million new clients.
• EBITDA reached 95 billion pesos ($5.30 billion), slightly above analysts' $5.28 billion prediction.
• America Movil added 594,000 new broadband accesses, with Mexico adding 175,000 and Brazil 115,000.
• Mexican peso strengthened approximately 12% through March, diluting overseas earnings when converted to local currency.
• America Movil agreed to buy Brazilian internet provider Desktop for $753 million in March.
($1 = 17.9252 Mexican pesos at end-March)
(Reporting by Natalia Siniawski and Brendan O'Boyle)
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- IBM plunges 19% as memory capex squeeze derails Q2 earnings
- Susquehanna Upgrades CSX (CSX) to Positive
- Shake Shack (SHAK) PT Lowered to $66 at Piper Sandler
Create E-mail Alert Related Categories
ReutersRelated Entities
Carlos Slim, EarningsSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
