MEXICO CITY (Reuters) – Mexican telecommunications giant America Movil (NYSE:) on Tuesday posted a 55.2% decrease in its first-quarter net profit, landing at 13.5 billion pesos, as a stronger peso diluted earnings from abroad.
The company, controlled by the family of Mexican billionaire Carlos Slim, reported revenues of 203.3 billion pesos in the quarter, down 2.7% from a year earlier.
The company said its results were also weaker due to last year’s sales of cell phone towers in the Dominican Republic and Peru which bumped earnings in the first quarter of 2023. This quarter, there were no tower sales, the firm said.
America Movil said its core earnings, or earnings before interest, taxes, depreciation and amortization (EBITDA), fell 2.6% in the quarter to 80.6 billion pesos.
It added 1.5 million mobile subscribers, including 1.3 million post-paid customers, driven by an uptick in Brazil customers. In the fixed-line segment, the company added 562,000 broadband accesses.
($1= 16.5310 Mexican pesos at the end of March)
