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America Movil second-quarter net profit more than doubles to 42.8 billion pesos By Reuters

© Reuters. 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/File Photo

MEXICO CITY (Reuters) – Mexican telecommunications giant America Movil (NYSE:) reported on Tuesday that its second quarter net profit more than doubled from a year earlier, boosted by foreign exchange gains.

The company, which is controlled by the family of Mexican billionaire Carlos Slim, said profit surged to 42.8 billion pesos ($2.1 billion) from 19.5 billion pesos a year ago, according to a filing with the Mexican stock exchange.

The Mexican peso appreciated 2.4% in the quarter against the U.S. dollar.

The company’s revenues rose 0.4% to 252.5 billion pesos from 251.58 billion pesos during the year-earlier period.

EBITDA was 84.9 billion pesos, an increase of 2.8% in nominal terms compared to the second quarter of the previous year, the company said.

America Movil’s operating income was up 9.3% to 44.7 billion pesos in nominal terms.

The company added 4.2 million wireless subscribers in the quarter.

($1= 19.9470 pesos at end-June)

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