America Movil 4Q Net Profit Rises 68% to MXN26.42 Billion
By Anthony Harrup
MEXICO CITY--Telecommunications company América Móvil posted 68% higher net profit for the fourth quarter, while a strong Mexican peso led to declines in revenue and operating gains.
Latin America's largest telecommunications company by subscribers on Tuesday reported net profit of 26.42 billion Mexican pesos ($1.54 billion) for the October-December period, equivalent to 0.29 pesos a share or 33 cents per American depositary receipt.
Revenue fell 2.5% to 204.42 billion pesos as a result of Mexico's peso appreciating against most other currencies of those countries in which América Móvil operates, which reduced the peso value of international sales. In constant currency terms, service revenue rose 3.7%, led by mobile services.
Earnings before interest, taxes, depreciation and amortization, a measure of profitability, fell 3.3% to 79.68 billion pesos, was also affected by the strong Mexican peso. Operating profit was down 6.2% at 42.3 billion pesos.
América Movil added 3.9 million mobile subscribers during the quarter to end the year with 310.1 million. Subscriptions to fixed-line services increased by 253,000 to 73.7 million as 368,000 broadband additions were partially offset by losses in fixed phone and pay TV subscriptions.
Write to Anthony Harrup at anthony.harrup@wsj.com
(END) Dow Jones Newswires
February 13, 2024 17:56 ET (22:56 GMT)
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