America Movil Registers Small Second-Quarter Net Loss

Date : 07/18/2018 @ 12:04AM
Source : Dow Jones News
Stock : America Movil, S.A.B. de C.V. Class A American Depositary Shares (AMOV)
Quote : 14.63  -0.16 (-1.08%) @ 6:13PM

America Movil Registers Small Second-Quarter Net Loss

America Movil S.A.B. de CV (NYSE:AMOV)
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By Anthony Harrup 

MEXICO CITY -- Latin America's largest telecommunications company, América Móvil SAB, had a small net loss in the second quarter as foreign-exchange losses from a weaker Mexican peso offset increases in revenue and operating profits.

The company controlled by billionaire Carlos Slim on Tuesday reported a net loss of 236 million Mexican pesos ($12.5 million), compared with a net profit of 14.3 billion pesos a year earlier.

Revenue in the April-June quarter rose 3.2% to 257.3 billion pesos, with service revenue in local currencies up 2%. Earnings before interest, taxes, depreciation and amortization -- a measure of operating cash flow -- rose 3% to 72 billion pesos.

The Mexican peso weakened against the U.S. dollar during the second quarter as a result of rising U.S. interest rates, investor caution over the future of talks to renegotiate the North American Free Trade Agreement with the U.S. and Canada, and Mexico's July 1 presidential election.

The resulting exchange losses led the company's financial costs to more than double, to 32.2 billion pesos, contributing to the negative net result.

Revenue beat the median expectations of 254.3 billion pesos among analysts polled by The Wall Street Journal, who also expected a net profit of 12.2 billion pesos and Ebitda of 71.9 billion pesos.

Write to Anthony Harrup at anthony.harrup@wsj.com

 

(END) Dow Jones Newswires

July 17, 2018 18:49 ET (22:49 GMT)

Copyright (c) 2018 Dow Jones & Company, Inc.

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