Mexican telecoms giant America Movil BMV:AMX/B on Tuesday posted a 25.1% rise in profit for the first quarter, driven by stronger operating earnings and lower financing costs.
America Movil, controlled by the family of Mexican billionaire Carlos Slim, reported a net profit of 23.40 billion pesos ($1.31 billion) as the company added 3.0 million postpaid mobile clients while still losing 90,000 prepaid subscribers.
Revenues for the quarter ticked up 2.1% to 236.84 billion pesos ($13.21 billion), above the predicted dollar-denominated revenues of $13.19 billion forecast by LSEG.
Brazil led postpaid additions with 1.3 million new clients.
EBITDA reached 95 billion pesos ($5.30 billion), slightly above analysts' $5.28 billion prediction.
America Movil added 594,000 new broadband accesses, with Mexico adding 175,000 and Brazil 115,000.
Mexican peso strengthened approximately 12% through March, diluting overseas earnings when converted to local currency.
America Movil agreed to buy Brazilian internet provider Desktop BMFBOVESPA:DESK3 for $753 million in March.
($1 = 17.9252 Mexican pesos at end-March)