America Movil 1Q21 revenues down 0.8% to MXN248.2bn

28 Apr 2021

Mexico City-based telecoms giant America Movil (AM) has reported total revenues of MXN248.2 billion (USD12.4 billion) for the three months ended 31 March 2021, representing a decrease of 0.8% year-on-year, from MXN250.1 billion. EBITDA for the first quarter increased 5.2% from MXN77.6 billion to MXN81.7 billion, while the company posted net income of MXN1.8 billion in 1Q21, compared to a net loss of MXN28.9 billion in the year-ago period.

In operational terms, AM closed out March 2021 with a consolidated base of 293.538 million wireless subscribers, up 3.9% from 282.559 million one year earlier. Meanwhile, AM’s total number of fixed line RGUs (including wireline, broadband and pay-TV) dropped 0.9% y-o-y, from 81.375 million to 80.680 million.

Discussing the quarterly performance, the group noted: ‘The strong economic expansion in the United States that had gained momentum in the second half of 2020 continued unabated in the first quarter of the year propelled by news of a second fiscal stimulus plan, talk of a new infrastructure programme and solid progress on vaccination. US economic growth forecasts for 2021 were upgraded and initially led to an appreciation of the US dollar vs. most other currencies on the back of rapid increases in medium and long-term dollar interest rates. Various Latin American countries, including Mexico and Brazil, experienced new COVID waves that led to renewed confinements, constrained mobility and a slowdown in economic activity.’

Mexico, America Movil (AM)