* Forex gains propel bottom line
* Wireless clients total 256 mln from U.S. to Argentina
* Quarterly revenue rose 4.5 pct from yr ago
MEXICO CITY, Oct 25 America Movil, the biggest
cellphone company in Latin America, posted a 67 percent jump in
third-quarter net profit helped by an unusually strong foreign
exchange gain as it added results from new operations in Europe.
The company, owned by Mexican tycoon Carlos Slim, earned
30.587 billion pesos ($2.4 billion) in the July-September
period, compared to 18.332 billion pesos in the same quarter of
America Movil recorded a 9 billion peso foreign
exchange gain in the third quarter.
Analysts in a Reuters poll were expecting a net profit of
26.2 billion pesos in the period.
Quarterly revenue rose 4.5 percent to 192.821 billion pesos
as the company added 4.1 million new wireless clients, a quarter
of which stemmed from Mexico.
America Movil ended September with 256 million
cell phone subscribers, stretching from the United States to
Argentina. Adding fixed-line, broadband and pay television
clients, its total accesses reached 319 million.
The company said it started including Dutch telecom KPN
, where it holds 27.7 percent, to its results in the
third quarter. During the period, the Mexican company also
landed the acquisition of a 22.76 percent in Telekom Austria
Brazil remained a tough challenge as America Movil continued
to face strong competition from other players in Latin America's
top economy: its fixed-line revenue helped offset declines in
cell phone, service and equipment sales during the quarter.
Third-quarter earnings before interest, tax, depreciation
and amortization (EBITDA) inched up 0.6 percent to 66.2 billion
pesos but margins shrank.
"I think that the company is finding it difficult to
position itself in the continent, it is investing too many
resources into advertising, incentives, subsidies to lure in and
keep subscribers, and that is punishing the EBITDA," said Monex
analyst Valeria Romo.
The company shares slipped 2.01 percent to close at 16.6
pesos on Thursday before results were disclosed.