MEXICO CITY (Reuters) -Mexican telecommunications giant America Movil on Tuesday posted an 31.7% increase in its fourth-quarter net profit, landing at 18.062 billion pesos ($1.065 billion).
Net profit was above the expectation of $771.16 million, the mean estimate from three analysts based on LSEG data.
The company, controlled by the family of Mexican billionaire Carlos Slim, reported revenues of 200.713 billion pesos ($11.83 billion), down 7.1% from a year earlier.
The result fell short of analyst predictions of a 10.0% increase in revenue to $12.082 billion, the mean estimate from four analysts based on LSEG data.
Citing hyper inflation in Argentina, the company gave comparisons excluding the South American country, which reflected a fourth-quarter revenue decrease of 2.5% to 204.4 billion pesos, compared to the same quarter a year ago, due to the appreciation of the Mexican pesos against other currencies.
In a filing to Mexico’s stock exchange, America Movil said its core earnings, or earnings before interest, taxes, depreciation and amortization (EBITDA), fell 3.3% in the quarter to 79.7 billion pesos.
($1= 16.9666 Mexican pesos at the end of December)
(Reporting by Cassandra Garrison and Brendan O’Boyle)
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