Mexico-based America Movil highlighted increases in its wireless base across three of its largest markets in Q1, as it swung to a profit on a reduction in financing costs and improved margins.
The company noted it added 6 million mobile connections, taking its overall base to 293 million, almost 4 per cent higher than at end Q1 2020. This was driven by increases in Brazil, Colombia and its home market.
It also cited a trend of “continued strong performance” in fixed broadband revenue and earnings from the enterprise sector.
Despite increases in mobile customer base, it booked broadly flat revenue of MXN248 billion ($12.4 billion) on reduced earnings from equipment and services. Its figures were also blunted by unfavourable foreign exchange rates, including a drop in value of the Brazilian Real against the Mexican Peso.
Its bottom-line improved from a loss of MXN28.9 billion in Q1 2020 to profit of MXN1.8 billion. America Movil noted this was partly due to improving margins after “strict cost controls” and cutting its financing costs by 55 per cent during the year.
During Q1, it reduced net debt by MXN9.9 billion, leaving it with a figure owed of MXN627 billion.
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