Carlos Slim-backed America Movil (AM) has reported revenues of MXN975.412 billion (USD47.300 billion) for the twelve month period ended 31 December 2016, representing an improvement of 9.1% year-on-year. EBITDA for the full year decreased 4.1% from MXN267.128 billion to MXN256.122 billion, while the company’s net income plummeted 75.3% y-o-y, from MXN35.055 billion to MXN8.649 billion. AM observed that the relatively high revenue increases seen in Mexican peso terms are to a large extent the consequence of the Mexican peso having depreciated vis-a-vis the currencies of all other operations. Further, the group notes that depreciation of the Mexican peso compares to an appreciation of most of its other currencies versus both the US dollar and the euro in 2016, with the Brazilian real gaining 21.7% versus the dollar and 25.4% versus the euro; the Colombian peso gaining 5.7% and 9.1%, respectively; the Peruvian sol 1.8% and 5.0% and the Chilean peso 5.7% and 9.1%. The company’s weak bottom line was battered further by a 4Q16 net loss of MXN5.972 billion (down 138% y-o-y) – which is believed to be AM’s worst quarterly loss in 15 years.
In operational terms, AM closed out December 2016 with a consolidated base of 280.572 million wireless subscribers, down 1.7% from 285.534 million one year earlier. Mexico remains the company’s largest single market in terms of cellular connections, with 72.953 million customers, closely followed by Brazil with 60.171 million. Meanwhile, AM’s total number of fixed line revenue generating units (RGUs, including wireline, broadband and pay-TV) grew 2.6% y-o-y, to 82.915 million. Brazil accounted for the lion’s share of these, with 36.716 fixed RGUs as of Q4 2016.