MEXICO CITY (Reuters) -Mexican telecoms giant America Movil on Tuesday reported a more than a threefold jump in third-quarter profit, as results landed in line with the predictions of analysts polled by LSEG, helped by a sharp drop in financing costs.
America Movil, controlled by the family of Mexican billionaire Carlos Slim, cited a reduction of “around half the integral financing costs compare to the same quarter last year” as a reason for the surge in its bottom line.
The group, which operates across Latin America, the Caribbean and parts of Europe, reported a net profit of 22.7 billion ($1.24 billion) from revenues that rose 4.2% year-on-year to 232.92 billion – in line with analyst’s forecasts.
The firm logged earnings per share also in line with analysts’ $0.40 forecasts. Earnings before interest, taxes, depreciation and amortization (EBITDA) also performed broadly as expected, landing at 93.8 billion Mexican pesos.
America Movil added just over 3 million postpaid mobile clients and logged its strongest mobile service revenue growth in more than a year, up 7%. Its fixed segment added some 526,000 connections, largely in its home market of Mexico.
($1 = 18.3147 Mexican pesos at end-September)
(Reporting by Natalia Siniawski; Editing by Sarah Morland)
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