América Móvil’s profit doubles for 2003

3 Feb 2004

Latin America’s largest wireless operator, América Móvil, has announced that its profit for the last quarter of 2003 more than doubled year-on-year, thanks to a sharp increase in subscribers and a series of price cuts undertaken during the three month period. The operator claimed a total wireless customer base of 43.7 million at 31 December 2003, an increase of 12.1 million in twelve months, and 2.9 million in three, whilst its wireline subscribers numbered 1.6 million at the same date. The strong growth caused net income for the quarter to rise to MXP5.7 billion from MXP2.8 billion the previous year, while for the full year period the company turned a net profit of MXP15.4 billion, more than three-times that for 2002. Consolidated revenues for 2003 stood at MXP85.9 billion, up 44%, while operating profits rose by 39.8% to MXP18.1 billion, and EBITDA stood at MXP32 billion, a 48% increase on the previous year.