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AMOV - America Movil SAB De CV News Story

$14.79 0.1  0.5%

Last Trade - 9:10pm

Sector
Telecoms
Size
Large Cap
Market Cap £34.50bn
Enterprise Value £58.72bn
Revenue £35.98bn
Position in Universe 256th / 6853

UPDATE 1-Mexico's America Movil to focus on bringing 5G to Latin America

Wed 12th February, 2020 5:48pm
(Recasts with 5G plans, adds comments from executives,
background)
    MEXICO CITY, Feb 12 (Reuters) - America Movil  AMXL.MX ,
Mexico's largest telecommunications provider, shed light on its
plans to roll out 5G technology in Latin America on Wednesday as
the company's shares surged on a strong earnings report.
    America Movil shares rose as much as 6% to 16.72 pesos, the
highest since July 2018. The company controlled by the family of
Mexican billionaire Carlos Slim reported a 63% increase in
fourth-quarter net profit on Tuesday, helped by reduced costs
and strong gains in postpaid customers.  urn:newsml:reuters.com:*:nL1N2AC03L 
    For 2020, America Movil will focus on rolling out 5G
technology in Latin America, Chief Executive Daniel Hajj said on
a call with analysts. The technology will likely debut in Mexico
this year and may arrive in Brazil as well, depending on the
availability of spectrum, Hajj added.
    "We just launched in Austria our 5G network," Hajj said.
"And we're going to do that all around Latin America in the
second half of the year."
    The company expects capital expenditures of $8.5 billion for
the year, on par with last year's, Hajj said. The investment
will be focused on deploying fiber in Mexico, Colombia, Brazil
and other markets, Hajj said.
    Hajj also expressed optimism about the prospects of America
Movil's U.S. subsidiary, TracFone, as T-Mobile US Inc's  TMUS.O 
takeover of Sprint Corp  S.N  advances. A federal judge approved
the deal on Tuesday.  urn:newsml:reuters.com:*:nL1N29L160
    "It's good for TracFone - it's good to have all of this
consolidation in the market," Hajj said. 
    In a note to investors, investment bank Barclays applauded
America Movil's gains in lucrative postpaid customers during the
quarter, as well as improved profitability in markets such as
Colombia, Peru and the United States.

 (Reporting by Julia Love; Editing by Richard Chang)
 ((Julia.Love@thomsonreuters.com, @byJuliaLove; 52 (55)
5282-7131;))
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