July 16, 2019 / 11:25 PM / 4 months ago

Mexico's America Movil Q2 net profit jumps on forex gains

FILE PHOTO: The logo of America Movil is pictured on the wall of a reception area in the company's corporate offices in Mexico City, Mexico, May 18, 2017. REUTERS/Edgard Garrido/File Photo

MEXICO CITY (Reuters) - Mexican telecommunications company America Movil (AMXL.MX) on Tuesday reported a surge in its second-quarter net profit on the back of foreign exchange gains, driven in part by an appreciation in the Mexican peso.

The company, which is controlled by the family of Mexican billionaire Carlos Slim, posted a quarterly net profit of 14.07 billion pesos ($732.7 million), compared with 434.8 million pesos a year earlier, when results were hammered by currency swings.

America Movil posted total revenue of 250.08 billion pesos, down from 256.98 billion pesos a year earlier.

The company said it saw strong revenue gains in fixed broadband and mobile subscriptions.

In its home market of Mexico, America Movil touted its investments in coverage in rural areas, particularly the nation’s southeast.

Expanding coverage in such areas is a favorite cause of Mexican President Andres Manuel Lopez Obrador.

Reporting by Julia Love; Writing by Anthony Esposito, editing by G Crosse and Subhranshu Sahu

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