July 15, 2020 / 1:49 PM / 20 days ago

Shares in America Movil rise more than 4% after profits jump

MEXICO CITY (Reuters) - Shares in America Movil, the Mexican telecommunications company controlled by tycoon Carlos Slim, rose by more than 4% after the market opened on Wednesday, the first day of trading since it published a 40% jump in profits.

On Tuesday, America Movil reported that net profit rose to 20.1 billion pesos ($873.8 million) in the second quarter from 14.9 billion pesos in the same period last year.

Even though costs were lower in the quarter, the coronavirus pandemic took a toll on some aspects of its business.

Separately, America Movil said one of its units, AMCO, had formed a strategic partnership with U.S. firm Verizon Media to market its advertising in Mexico.

Reporting by Mexico City Newsroom

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