América Móvil 2Q exceeds all expectations

27 Jul 2006

Mexican-based mobile group América Móvil said its second quarter net profit jumped 33% to MXN10.8 billion (USD955 million), trouncing forecasts on the back of soaring subscriber growth at its numerous wireless businesses. The results were boosted by an MXN1.2 billion one-time gain from the cancellation of duties to the Mexican government. Revenues rose 27% to MXN55.9 billion and EBITDA was up 67% to MXN20.4 billion. América Móvil ended June with 107.8 million subscribers, up 14.5 million on the start of the year. Colombia continued to be América Móvil’s strongest performing market, with its customer base reaching 18 million in the quarter.

Mexico, America Movil (AM)