America Movil's First Quarter Profit Jumps on Exchange Gains
April 25 2017 - 7:03PM
Dow Jones News
By Anthony Harrup
MEXICO CITY -- Telecommunications company América Móvil SAB
increased its net profit nearly eightfold in the first quarter on
solid revenue growth and a rebound in the Mexican peso against the
U.S. dollar that led to hefty foreign exchange gains.
Latin America's biggest telecommunications company, controlled
by billionaire Carlos Slim, on Tuesday reported a net profit of
35.9 billion Mexican pesos ($1.9 billion) for the January-March
period, compared with a 4.8 billion-peso profit a year earlier and
a 6 billion-peso net loss in the fourth quarter of last year.
Revenue rose 18.5% to 264.2 billion pesos, while earnings before
interest, taxes, depreciation and amortization, or Ebitda, a
measure of operating cash flow, rose 15.8% to 71.5 billion
pesos.
The results beat the median expectations of analysts polled by
The Wall Street Journal, which called for net profit of 27.5
billion pesos on revenue of 261.5 billion pesos, and Ebitda of 68.1
billion pesos.
América Móvil shares closed up 1.2% on the Mexican stock
exchange ahead of the report.
Write to Anthony Harrup at anthony.harrup@wsj.com
(END) Dow Jones Newswires
April 25, 2017 18:48 ET (22:48 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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