America Movil's second quarter swings to loss citing weaker peso (updated)

America Movil SAB de CV

16/07/2024 22:47

(Updates with details from filing)
       MEXICO CITY, July 16 (Reuters) - Mexican
telecommunications giant America Movil  AMXB.MX  on Tuesday
posted a swing to a net loss of 1.09 billion Mexican pesos  ($60
million), citing the depreciation of the local peso even as
revenues edged up.
     The company, controlled by the family of Mexican
billionaire Carlos Slim, had last year posted a net profit of
close to 26 billion pesos.
        "Our full financing costs reached 40.2 billion pesos due
to foreign exchange losses, mainly from the depreciation of the
Mexican peso," the company said in a filing with the Mexican
stock exchange. 
  
        By end-June, the peso had weakened 7% to the U.S. dollar
compared to a year ago.
  
        The company's revenues however edged up 1.5% to hit
205.52 billion pesos ($11.24 billion).
  
        Analysts polled by LSEG had estimated a
dollar-denominated net profit of $1.06 billion from revenues of
$12.09 billion.
  
    America Movil said its core earnings, or earnings before
interest, taxes, depreciation and amortization (EBITDA), rose
nearly 6% in the quarter to 83.1  billion pesos. 
        It added 2.4 million subscribers, including 1.8 million
post-paid customers, driven by gains in Brazil, the region's
largest economy. In the fixed-line segment, the company added
376,000 broadband accesses.
    
    
($1 = 18.2862 Mexican pesos at end-June)

 (Reporting by Sarah Moreland, Marion Giraldo and Aida
Pelaez-Fernandez editing by Cassandra Garrison)
 ((Cassandra.Garrison@thomsonreuters.com; +52 55 6200 7873;))