America Movil 3Q Net Profit Rises on Year

Dow Jones10-16

By Anthony Harrup

MEXICO CITY--Mexican telecommunications company América Móvil posted higher net profit for the third quarter on increased revenue and operating gains, as well as lower financial costs.

The company on Tuesday reported net profit of 6.4 billion Mexican pesos ($326 million) for the July-September period, equivalent to MXN0.10 a share or 11 cents per American depositary receipt. Profit was up from MXN2.0 billion in the year-earlier quarter.

The peso's depreciation against most other currencies in which the company operates contributed to a 9.6% increase in revenue to MXN223.5 billion. Service revenue was up 11.3% in peso terms and 5.5% higher at constant exchange rates, América Móvil said.

Earnings before interest, taxes, depreciation and amortization, a measure of profitability, rose 11.9% to MXN89.4 billion, and operating profit was 14.2% higher at MXN47.4 billion.

Financial costs fell by 4.8% despite an increase in foreign exchange losses from the depreciation of the Mexican peso.

América Móvil added 1.8 million mobile subscribers in the quarter, led by Colombia and Austria, to end September with 315.8 million. Subscriptions to fixed-line services increased by 214,000 to 74.6 million, with 327,000 broadband additions partially offset by declines in fixed-voice lines and pay TV subscriptions.

Write to Anthony Harrup at anthony.harrup@wsj.com

(END) Dow Jones Newswires

October 16, 2024 06:49 ET (10:49 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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