America Movil points to base boost as Q3 profit falls

Operator group America Movil booked a 16 per cent year-on-year decline in Q3 net profit on foreign exchange movements, but highlighted significant increases in its customer base in Brazil and Mexico.

Net profit of MXN15.8 billion ($781.2 million) compared with MXN18.9 billion in Q3 2020. Revenue fell 2.6 per cent to MXN253.4 billion.

It noted although service revenue was down 2.1 per cent, at constant exchange rates it would have risen by 4.5 per cent.

In its earnings statement, the operator explained its reporting currency of the Mexican peso had appreciated against “all other currencies in our region”. This included almost 26 per cent against the Peruvian sol, 13.6 per cent against the Colombian peso and 7.2 per cent against the Brazilian real.

Across its various mobile operations, America Movil reported an increased customer base of 4.2 million, including gains of around 1 million post-paid subscribers in Brazil and 577,000 net prepaid additions in Mexico.

This took its total mobile base to 302 million by end-September, 7.6 per cent higher than Q3 2020.

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