© Reuters. FILE PHOTO: The logo of America Movil is pictured on the wall of a reception area in the company’s corporate offices in Mexico City, Mexico, May 18, 2017. REUTERS/Edgard Garrido/File Photo
MEXICO CITY (Reuters) – Mexican telecommunications giant America Movil (NYSE:) on Tuesday said its net profit surged 89.1% in the second quarter on the back of foreign exchange gains, the company said in a filing.
The company, controlled by the family of Mexican tycoon Carlos Slim, posted a net profit of 25.87 billion pesos ($1.5 billion), beating the Refinitiv estimate of 22.61 billion pesos.
Revenue fell 4.6% from a year earlier to 202.53 billion pesos, missing the Refinitiv estimate of 204.42 billion pesos.
The decrease in revenue came as the Mexican peso strengthened against other currencies in markets where America Movil operates, the company said.
Earnings per share landed at 0.41 pesos, above the Refinitiv estimate of 0.39 pesos.
America Movil added 1.5 million post-paid customers in the quarter, driven by a hike in Brazil additions, while it lured in 787,000 new prepaid customers.
Its earnings before interest, taxes, depreciation and amortization (EBITDA) meanwhile shrunk 3.8% to 78.7 billion pesos.
($1 = 17.1156 pesos at end-June)
Stay connected with us on social media platform for instant update click here to join our Twitter, & Facebook
We are now on Telegram. Click here to join our channel (@TechiUpdate) and stay updated with the latest Technology headlines.
For all the latest Business News Click Here
For the latest news and updates, follow us on Google News.
Denial of responsibility! NewsAzi is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – [email protected]. The content will be deleted within 24 hours.
