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America Movil profits drop 31% in Q3

Agence France-Presse

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Mexican billionaire Carlos Slim’s flagship company, the telecommunications giant America Movil, reported a 31-percent 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 ($680 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 percent 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 $64 billion.

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