America Movil posts 2Q18 net loss; blames depreciation of peso vs. dollar

18 Jul 2018

Mexico-based America Movil (AM) has reported total revenues of MXN257.3 billion (USD13.6 billion) for the three months ended 30 June 2018, representing an increase of 3.2% compared to 2Q17. EBITDA for the quarter under review, meanwhile, climbed 3.0%, from MXN69.9 billion to MXN72.0 billion. However, AM’s bottom line slumped from a net profit of MXN14.3 billion in the second quarter of 2017 to a net loss of MXN236 million in 2Q18. The group blamed ‘foreign exchange losses arising mostly from the depreciation of the Mexican peso versus the US dollar’.

In operational terms, AM ended the quarter with a total of 279.029 million wireless subscriptions, down 0.4% from 280.033 million twelve months earlier; Mexico-based Telcel remains the operator’s largest mobile unit, claiming 74.412 million subscribers at that date. Fixed line accesses (RGUs, including wireline, broadband and pay-TV) stood at 83.351 million at end-June 2018, a 1.0% increase from 82.561 million in 2Q17. Claro Brasil (including NET Servicos and Embratel) accounted for the highest number of fixed RGUs, with 35.791 million connections.

Mexico, America Movil (AM)