WTOC, Savannah, Georgia, news, weather and sports | Mexico's America Movil 3Q profits up 50.6 percent
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MEXICO CITY (AP) - America Movil SA, Latin America's largest phone service provider, reported a 50.6 percent increase in third quarter profits Monday, citing "incipient economic recovery" in several South American countries.
Net profit totaled 18.7 billion pesos ($1.4 billion) in the July-September period, compared to 12.4 billion pesos during the same span of 2008, the Mexican company reported. Net income per share rose 57.3 percent to 0.57 pesos.
The company, owned by billionaire Carlos Slim, said its revenue was 99.8 billion pesos, a 16.9 percent jump from 85.3 billion pesos in the year-earlier period. The rise was led by a 19.5 percent increase in service revenue.
However, America Movil noted that subscriber growth "remained subdued" in most countries, adding that Brazil was a notable exception. The company said the depreciation of the Mexican peso against the U.S. dollar and the Brazilian and Colombian currencies contributed to the growth in service revenue.
America Movil added 4 million subscribers in the third quarter, far below the 7.3 million customers during the same period last year. Brazil led that growth with 1.8 million additional subscribers, followed by America Movil's U.S. subsidiary, Tracfone, with 712,000. Mexico was third with 280,000.
At the end of September, America Movil had 194.3 million cell phone subscribers and 3.8 million fixed-line customers.
Earnings before interest, taxes, depreciation and amortization rose 15.9 percent to 40.4 billion pesos.
America Movil stock closed 1.2 percent higher at 30.70 pesos a share before the release of the report.
Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
