July 21, 2014 / 10:54 PM / 4 years ago

Mexico's America Movil says second-quarter profit up 32.7 percent

MEXICO CITY (Reuters) - America Movil said on Monday that its profit in the second quarter rose 32.7 percent from a year earlier on lower financial and exchange-rate costs but missed analysts’ expectations.

The logo of America Movil is seen on the wall of the reception area in the company's corporate offices in Mexico City February 13, 2013. REUTERS/Edgard Garrido

The telecommunications company, controlled by the world’s richest man Carlos Slim, said that profit rose to 18.83 billion pesos ($1.45 billion) from 14.19 billion pesos in the April-June period last year.

America Movil had been expected to report a net profit of 20.74 billion pesos ($1.6 billion), according to a Reuters poll of five analysts.

Revenue rose 4 percent to 202.63 billion pesos.

The company had a net exchange-rate gain of 3.08 billion pesos in the quarter, helped by a stronger peso. This compared with currency losses of nearly 24 billion pesos in the same quarter last year.

Net financing costs fell 34.3 percent, despite higher interest payments on debt, the company said.

($1 at end of June = 12.9865 pesos)

Reporting by Christine Murray and Gabriel Stargardter; Editing by Jan Paschal

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