Telcel boosts América Movil’s first quarter

28 Apr 2003

Latin American mobile operator América Movil, owned by Mexican billionaire Carlos Slim, has reported revenues of MXN17.2 billion for the first three months of 2003, a rise of over 40% from the corresponding period of 2002. Net income reached MXN2.98 billion, almost double the MXN1.54 billion reported in April 2002, while EBITDA rose by 60% to MXN6.5 billion. América Movil had a total subscriber base of 33.2 million at the end of March 2003, an increase of 1.6 million since the start of the year; 237,000 customers where added via América Movil’s acquisition of Colombian operator Celcaribe in February. The biggest organic growth was recorded by America Movil’s main subsidiary, Mexican operator Telcel, which added 686,000 customers in the quarter to take its total to 20.8 million, equal to around 70% of its home market. Other notable performers included Ecuadorian subsidiary Conecel, which in the year to 31 March 2003 doubled its customer base to over a million, and Guatemalan and Brazilian subsidiaries Sercom and Americel, which grew their subscriber bases by 46% and 45% respectively to 675,000 and 928,000. Apart from its cellular operations, América Movil also owns the Guatemalan fixed line operator Telgua and Venezuelan and Argentinian broadband operators Genesis and Techtel; the three companies boasted 823,000 wireline customers between them at the end of March 2003.