MEXICO CITY (Reuters) – Mexican telecommunications big America Movil (NYSE:) reported on Tuesday that it greater than tripled its internet revenue within the third quarter from a 12 months in the past, citing a weaker peso boosting its international earnings and decrease financing prices.
Web revenue elevated 217% to achieve 6.43 billion Mexican pesos ($326.37 million), the corporate mentioned in a submitting to Mexico’s predominant inventory alternate.
Revenues for the corporate, managed by the household of Mexican billionaire Carlos Slim, got here in at 223.46 billion pesos ($11.35 billion) for the interval, up almost 10% year-on-year.
Analysts polled by LSEG had estimated dollar-denominated internet earnings of $1.11 billion from revenues of $11.47 billion for July via September.
The corporate mentioned its greater earnings had been helped by the sale of some towers in addition to the depreciation of the Mexican peso, boosting the peso-denominated worth of earnings made overseas.
By end-September, the Mexican peso had weakened greater than 13% in opposition to the U.S. greenback in comparison with a 12 months earlier.
America Movil mentioned the peso had weakened in opposition to most currencies within the areas the place it operates, “with the notable exception of the Brazilian real.”
America Movil mentioned its core earnings, or earnings earlier than curiosity, taxes, depreciation and amortization (EBITDA), rose round 12% within the quarter to 89.42 billion pesos, a rise of 6% stripping out the impacts of international alternate.
($1 = 19.6921 Mexican pesos at end-September)
