The Mexican telecommunications giant America Movil reported on Tuesday that it more than tripled its net profit in the third quarter compared to the previous year, citing a weaker peso that boosted its foreign income and lower financing costs.
He benefit neto increased by 217% to reach 6,430 million Mexican pesos (326.37 million dollars), as reported by the company in a statement to Mexico’s main stock exchange.
Los company incomecontrolled by the family of the Mexican billionaire Carlos Slimamounted to 223,460 million pesos (11,350 million dollars) in the period, which represents a year-on-year increase of almost 10%.
Analysts surveyed by LSEG had estimated dollar-denominated net profits of $1.11 billion on revenue of $11.47 billion between July and September.
The company said its higher profits were helped by the sale of some towers, as well as the depreciation of the Mexican peso, which boosted the peso-denominated value of profits earned abroad.
By the end of September, the Mexican peso had weakened by more than 13% against the US dollar compared to a year earlier.
América Móvil said the peso had weakened against most currencies in the regions in which it operates, “with the notable exception of the Brazilian real.”
América Móvil said its basic earnings, or earnings before interest, taxes, depreciation and amortization (THE EVENTS), increased around 12% in the quarter to 89.42 billion pesos, an increase of 6% excluding exchange rate impacts.
