Mexico’s America Movil quarterly profit slides to $1.7 bln

Mexican telecommunications giant America Movil reported on Tuesday a 2.1% dip in its first quarter net profit compared to a year earlier, landing at 30.15 billion pesos ($1.7 billion), mainly due to a reduction in exchange rate gains.

The company’s revenues, meanwhile, rose about 2% to reach nearly 209 billion pesos, it said in a statement.

Earnings before interest, taxes, depreciation and amortization (EBITDA), or core earnings, totaled 82.7 billion pesos in the three month period ending in March, up 3.2% from a year ago.

America Movil, controlled by the family of Mexican tycoon Carlos Slim, said it added 1.9 million post-paid customers in the quarter, driven by Brazil, Austria and Colombia, while it lost 754,000 pre-paid customers. Reuters