Mexican billionaire Carlos Slim's America Movil telecommunications provider reported a 32.7 percent jump in the second quarter thanks to reduced financing costs and a lower exchange rate.
The company increased its profit to 18.8 billion pesos ($1.5 billion, 1.1 billion euros) in the months from April to June, and revenue also went up four percent to 202.6 billion pesos, according to a company financial report released Monday.
America Movil is a leader in Latin America's telecom market, with nearly 270 million mobile subscribers, 31.6 million fixed lines and 20 million broadband accesses.
But it was forced to announce the sale of a portion of its assets in Mexico this month after a telecommunications reform that aimed to reduce the power of the dominant companies in the sector and promote competition.
America Movil, which currently controls 80 percent of landlines and 70 percent of cellphone lines in Mexico, is set to reduce below 50 percent its participation in the country's telephone market.
At the same time, the company is increasing its presence in the European market.
Last week, America Movil announced a bigger stake at 50.8 percent to take majority control of Telekom Austria after a $1 billion buyout of minority shareholders.
GMT 22:53 2018 Thursday ,13 December
Indian Minister of Trade meets with UAE Ambassador, Chairman of Emaar PropertiesGMT 13:41 2018 Thursday ,06 December
Tyre maker Continental opens lab to extract rubber from dandelionsGMT 15:22 2018 Friday ,30 November
Paper industry around famous Chinese lake to be shut down by 2019GMT 11:13 2018 Sunday ,18 November
Electricx 2018 kicks off with participation of over 20 countriesGMT 14:17 2018 Thursday ,25 October
BP eyes entering several new Rosneft projectsGMT 12:08 2018 Saturday ,20 October
OPEC participants performed Vienna Agreement by 111%GMT 16:14 2018 Saturday ,06 October
Saudi Aramco IPO to go ahead by early 2021GMT 19:01 2018 Thursday ,04 October
LEAD S. Korean firms offer aid for quake-hit IndonesiaMaintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Send your comments
Your comment as a visitor