Mexico’s America Movil Q1 Profit Surges on Foreign Exchange Gains | Investing News
MEXICO City (Reuters) -Mexican telecommunications large America Movil on Tuesday described a surge in its first-quarter internet financial gain on the again of potent functioning cash flow and overseas trade gains, though revenues edged greater.
Net gain jumped to 30.8 billion pesos ($1.55 billion), from 1.8 billion pesos in the yr-earlier period, in accordance to a filing with the Mexican stock exchange.
The us Movil mentioned the get was a consequence of “robust performance of working revenue and extensive funding profits of 7.3 billion pesos pushed by international exchange gains of 22.6 billion pesos.”
Some Latin American currencies this sort of as the Brazilian serious posted significant gains towards the U.S. dollar in the quarter, boosted by better desire prices as well as soaring commodities prices.
But the company’s income rose just 2.4% from a year earlier to 211.2 billion pesos.
Earnings right before desire, taxes, depreciation and amortization (EBITDA) came in at 81.1 billion pesos, an increase of about 4.2% at frequent exchange rates from a yr before, down below a Refinitiv estimate of 83.673 billion pesos.
America Movil explained it additional 3.2 million mobile subscribers in the quarter, including 1.9 million postpaid customers, of which extra than half are from Brazil. The prepaid customer phase saw 1.3 million new subscribers.
“Mobile provider revenues expanded 6.3% yr-on-calendar year, very considerably the very same speed as in the previous quarter and significantly greater than that found a calendar year just before, 1.2%,” the firm claimed in a statement.
($1 = 19.8911 pesos at end-March)
(Reporting by Cassandra Garrison, Kylie Madry and Noe Torres Modifying by Richard Pullin and Christopher Cushing)
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