America Movil posts Q1 profit up 25%

About this update from America Movil Sab De Cv Class B

Mexican telecoms giant America Movil BMV:AMX/B on Tuesday posted a 25.1% rise in profit for the first quarter, driven by stronger operating earnings and lower financing costs. America Movil, controlled by the family of Mexican billionaire Carlos Slim, reported a net profit of 23.40 billion pesos ($1.31 billion) as the company added 3.0 million postpaid mobile clients while still losing 90,000 prepaid subscribers. Revenues for the quarter ticked up 2.1% to 236.84 billion pesos ($13.21 billion), above the predicted dollar-denominated revenues of $13.19 billion forecast by LSEG. Brazil led postpaid additions with 1.3 million new clients. EBITDA reached 95 billion pesos ($5.30 billion), slightly above analysts' $5.28 billion prediction. America Movil added 594,000 new broadband accesses, with Mexico adding 175,000 and Brazil 115,000. Mexican peso strengthened approximately 12% through March, diluting overseas earnings when converted to local currency. America Movil agreed to buy Brazilian internet provider Desktop BMFBOVESPA:DESK3 for $753 million in March. ($1 = 17.9252 Mexican pesos at end-March)

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