America Móvil reports small growth for Q1

26 Apr 2005

Mexico-based America Móvil has reported its smallest profit in three years for Q1 2005, attributing the lacklustre result to its drive into more competitive Latin American markets. Net income rose by 13% year-on-year to BRL4.98 billion (USD452 million), while sales grew 34% to BRL39.1 billion. During the three months it signed up around 3.8 million new customers, taking its total to around 68 million; just over half the number it added in Q4 2004. During the quarter, America Móvil acquired a licence in Peru in March, paying USD21.1 million; it plans to launch services there in the first half of the year. It is also looking to expand into Venezuela and Chile.