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America Movil's quarterly profit rises as coronavirus measures ease

MEXICO CITY (Reuters) - Mexican telecommunications giant America Movil AMXL.MX on Tuesday said its net profit jumped nearly 45% in the third quarter, boosted by relaxed coronavirus lockdown measures across its key markets.

The company, which is controlled by the family of Mexican billionaire Carlos Slim, also reported sales of 260.2 billion pesos, up 4.7% from the same quarter last year.

Its net profit rose to 18.86 billion Mexican pesos ($853.2 million) from 13 billion pesos a year before.

Earnings before interest, tax, depreciation and amortization (EBITDA) grew 10.1% in peso terms during the July to September period, beating analyst estimates.

“The third quarter saw a rebound in economic activity in most countries in our region of operation and little of the volatility that was present in the prior two quarters,” the company said in a statement.

America Movil’s base of postpaid customers grew 5.7%, led by Brazil and followed by Austria and Colombia.

In the core market of Mexico, the company made up for lost customers in the second quarter, adding 1.2 million wireless subscribers, mostly prepaid clients.

($1= 22.1050 pesos at end-September)

Reporting by Daina Beth Solomon and Noe Torres; Editing by Sam Holmes

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