MEXICO CITY (Reuters) - America Movil reported a net profit of 10.7 billion pesos ($541.7 million) for the fourth quarter on Tuesday, reversing from losses in the year-ago period, when currency swings battered the company’s results.
The company, Latin America’s largest telecommunications firm by number of subscribers and controlled by the family of Mexican billionaire Carlos Slim, reported revenue of 262.3 billion pesos, down slightly from 263.9 billion pesos during the year-ago period.
Analysts had expected revenue to decline slightly due to the weakening of Latin American currencies against the dollar during the quarter, ended in December.
Nevertheless, America Movil’s results narrowly topped analysts’ expectations of 10.1 billion pesos in net profit and 256 billion pesos in revenue, according to a Reuters poll.
In a report filed with the Mexican stock exchange, America Movil said broadband and mobile subscriptions were the principal drivers of its performance. Revenue from the company’s subscription-based video services declined by 2.5 percent, America Movil said.
During the fourth quarter of 2017, America Movil reported its largest loss in 16 years as a weak peso took a toll on its results.
Reporting by Mexico City Newsroom; Editing by David Alire Garcia and Chris Reese