America Movil posts 51% increase in third quarter net income

27 Oct 2009

America Movil (AM) has posted third quarter net income of MXN16.8 billion (USD1.4 billion), an increase of 51% year-on-year. Revenue grew 17% to MXN99.8 billion on the back of strong growth in internet and 3G services, the company said in a statement. ‘Data continued to be the major driver of revenue growth as the 3G services that for the most part our subsidiaries started offering last year met strong demand from our clients,’ the group said. As at 30 September 2009, AM boasted 198 million subscribers, with Brazil recording the largest increase with 1.8 million net additions, followed by MVNO Tracfone in the US with 712,000.

Mexico, America Movil (AM)