America Movil profits drop 31 pc in Q3

MEXICO CITY (AFP) – Mexican billionaire Carlos Slim’s flagship company, the telecommunications giant America Movil, reported a 31-per cent drop in net profit year-on-year for the third quarter on Tuesday.

The company, one of the world’s largest mobile network operators, posted net income of 13 billion pesos (USD680 million) for the period from July to September, down 5.853 billion pesos, or nearly a third, from the third quarter of 2018.

“Revenues of 248 billion pesos were 0.2 per cent higher than a year before in Mexican peso terms notwithstanding the depreciation of various currencies vis-a-vis the Mexican peso, particularly the Colombian and Argentinean pesos,” it said in a statement. The company operates across much of Latin America, in the United States and in central and eastern Europe.

It has helped make Slim the world’s fifth-richest man, according to Forbes magazine, which estimates his family fortune at USD64 billion.