America Movil reported fourth-quarter revenues down 1.1 percent to MXN 198 billion, hurt by the stronger peso. At constant exchange rates, service revenues rose 5.2 percent year-on-year and total revenues were up 5.8 percent, driven by growth in the mobile and pay-TV markets. EBITDA fell 8.0 percent to MXN 61.7 billion or 31.1 percent of sales, hurt by growth in low-margin businesses such as pay-TV and Tracfone and higher subsidies on smartphones. The net profit declined 8.2 percent to MXN 15.0 billion or MXN 0.20 per share.
America Movil's net debt rose to MXN 372.2 billion at year-end from MXN 332.1 billion a year earlier due to borrowing to fund its acquisitions of stakes in KPN and Telekom Austria. Capex of MXN 130.9 billion last year was funded from operating cash flow.
The company finished the year with 325.7 million access lines, 8.7 percent more than a year before. The mobile customer base grew by 5.6 million in Q4 to 261.6 million, driven by growth in Brazil, Mexico, the US and Colombia. RGUs at the fixed-line business increased by 1.4 million in the quarter to 6.3 million.
