America Movil reported a rebound in Q3, with higher net income and revenue as most of its operations began to recover from Covid-19 (coronavirus) confinement measures imposed across Latin America.
Profit of MXN18.9 billion ($898.1 million) was up 44.6 per cent year-on-year, driven by an 18.4 per cent rise in operating income to MXN45.1 billion.
Revenue of MXN260 billion was 4.7 per cent higher, attributed to a recovery of mobile prepaid sales and continued strength of its fixed-broadband division.
In Mexico, its home market, revenue was broadly flat, with the overall number 0.4 per cent higher at MXN73.2 billion and the mobile figure 0.6 per cent lower.
America Movil also reported gains in Brazil and Colombia, offsetting declines in Argentina, Peru, Ecuador, Austria and Chile.
It added 1.2 million prepaid customers in Mexico, reversing most of the losses it experienced in Q2 due to the Covid-19 impact.
There were also 300,000 prepaid additions in Colombia and Ecuador, and 237,000 in Peru.
Post-paid net additions stood at 1.8 million, the majority coming from Brazil, Austria and Colombia.
In total, the company ended September with 281 million wireless subscribers, a net addition of 3.2 million, up 0.7 per cent.
Debt continued to increase, hitting MXN726 billion compared with MXN677 billion in Q3 2019, due to the depreciation of the Mexican peso on the US dollar and the euro.Subscribe to our daily newsletter Back