America Movil revenues edge higher in Q3, net profit falls on forex charges

Nieuws Algemeen Latijns-Amerika en het Caribisch gebied 16 OCT 2019
America Movil revenues edge higher in Q3, net profit falls on forex charges

America Movil reported a return to revenue growth in the third quarter, of 0.2 percent to MXN 248 billion. Underlying service revenue growth, excluding forex effects, accelerated to 2.5 percent compared to 2.3 percent in the previous quarter. 

Postpaid mobile and fixed broadband were the main growth drivers. The company said it added 1.6 million postpaid subscribers in the third quarter, including 928,000 in Brazil, 215,000 in Mexico and 159,000 in Austria. The group also gained 208,000 new fixed-broadband clients, and the total broadband base was up 5.6 percent year-on-year. This offset a 3.5 percent annual fall in prepaid customers and 2.5 percent drop in pay-TV subscribers. 

Mobile service revenues rose 4.6 percent on an organic basis. That includes 11.1 percent growth in Brazil, 8.2 percent growth in Mexico and 4.7 percent in both Colombia and the European operations. Fixed-line revenues fell 1.2 percent, due mainly to lower voice revenue. 

EBITDA reached MXN 78.8 billion, up 7.2 percent excluding extraordinary items, currency effects and Argentina. The EBITDA margin totaled 31.7 percent, up from 29.0 percent a year earlier. 

Net profit was still down 31 percent to MXN 13 billion after foreign exchange losses. These derived mainly from the depreciation of the Colombian and Argentinean pesos relative to the US dollar. The company ended the period with net debt of MXN 672.8 billion, equal to 1.92x organic EBITDA.

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