Broker Center sponsored links

UPDATE 2-America Movil net profit jumps 25 pct, beats forecasts

Mon Jul 21, 2008 6:05pm EDT
 
Email | Print | | Reprints | Single Page
[-] Text [+]

(Adds analyst quotes, shares, byline)

By Chris Aspin

MEXICO CITY, July 21 (Reuters) - Mexico's America Movil, the largest cell-phone operator in Latin America, posted a 25 percent rise in second-quarter net profit on Monday, beating forecasts after adding 6.1 million new mobile clients.

America Movil(AMXL.MX: Quote, Profile, Research, Stock Buzz)(AMX.N: Quote, Profile, Research, Stock Buzz), controlled by billionaire tycoon Carlos Slim, said April-June net profit was a better-than-expected 17.7 billion pesos ($1.7 billion) versus 14.1 billion pesos a year ago.

"I think it was a very good set of results ... 6.1 million new lines is a lot," said Gerardo Copca, analyst at consultancy MetAnalisis.

Total subscribers in the region, where it competes with Spain's Telefonica (TEF.MC: Quote, Profile, Research, Stock Buzz), reached 165.3 million.

"The super positive news is the growth in subscribers," said Martin Lara, analyst with Vector brokerage.

Brazil led the way with 1.9 million net additions, followed by Mexico with 1.3 million and Colombia with 1.1 million.

"Strong subscriber growth characterized our second quarter, with net additions ... that exceeded both those registered in the prior quarter and the ones seen a year before," America Movil said in a statement.  Continued...

 

Featured Broker sponsored link

Editor's Choice

  • Pictures
  • Video
  • Articles
Photo

A selection of our best photos from the past 24 hours.  View Slideshow 

Most Popular on Reuters

  • Articles
  • Video
  • Recommended