America Movil net income boosted by forex gains

26 Apr 2017

America Movil (AM) has reported net income of MXN35.8 billion (USD1.9 billion) for the three months ended 31 March 2017, compared to MXN4.8 billion in the year-ago period, as the Mexican peso rebounded against the US dollar and euro, leading to foreign exchange gains of MXN37.1 billion. The company, which is controlled by Mexican billionaire Carlos Slim, said that EBITDA for the quarter rose 15.8% year-on-year to MXN71.5 billion, while total revenues climbed 18.5% from MXN222.9 billion in Q1 2016 to MXN264.1 billion a year later.

In operational terms, AM ended March 2017 with a consolidated wireless subscriber base of 279.8 million, down 1.4% from 283.9 million twelve months earlier. Mexico, the company’s largest market in terms of cellular subscribers, witnessed a 0.8% y-o-y decline to 72.9 million, while the Brazilian unit saw its mobile customers decline by 7.7% during the twelve-month period to 60.2 million. Meanwhile, AM’s total number of fixed line RGUs, including wireline, broadband and pay-TV, grew 1.8% y-o-y, to 82.8 million at end-March 2017, of which Brazil accounted for 36.4 million.

Mexico, America Movil (AM)