Operator group America Movil recorded a decline in profit for Q4 2022 after deconsolidating its unit in Chile, as currency movements blunted service revenue across several markets.
America Movil reported an 89.6 per cent year-on-year reduction in net profit to MXP13.7 billion ($735.7 million), though in Q4 2021 it booked a healthy sum from the sale of US business Tracfone Wireless.
It noted its bottom-line this time around had been impacted by the deconsolidation of Claro Chile, noting the effect of the depreciation of the Chilean Peso relative to its Mexican counterpart “over the years”.
The group’s Q4 revenue fell 2.4 per cent to MXP216 billion, a drop partly attributed to movements of most of its operating currencies against that used in its Mexican home market.
It added at constant exchange rates, service revenue would have been up 6 per cent.
Comparative revenue figures had been adjusted to reflect its divestments and the spin-off of its tower business earlier in 2022.
By the end of the quarter, America Movil noted it had almost 300 million wireless subscribers across its units, up 7.6 per cent.
The company also declared it had performed a “clean-up of 4.1 million subscribers in Brazil” adding this was “pursuant to the acquisition of Oi mobile clients in May 2022 since they were not generating traffic.”