Mexicos America Movil Q4 net profit tumbles 90%

Mexico's America Movil Q4 net profit tumbles 90%

MEXICO CITY (Reuters) – Mexican telecommunications giant America Movil reported on Tuesday a 90% drop in its fourth-quarter net profit from the same period a year earlier, mainly due to the deconsolidation of Claro Chile and currency headwinds.

Net profit stood at $703 million (13.71 billion pesos).

The company, which is controlled by the family of Mexican billionaire Carlos Slim, posted a 2.4% decrease in revenues, partly driven by the appreciation of the Mexican peso versus other Latin American currencies.

Revenues reached 215.962 billion pesos.

Earnings before interest, taxes, depreciation and amortization (EBITDA), or core earnings, was 84.8 billion pesos, an decrease of about 4.4%% in nominal terms from a year ago.

($1= 19.5089 Mexican pesos)

(Reporting by Valentine Hilaire and Noe Torres; editing by Cassandra Garrison)

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