Latin American telecoms operator, America Movil has reported a first quarter net profit of MXN16.9 billion (US$1.38 billion), and although was up by 1.9%, was below expectations as higher taxes impacted on the company. Revenues rose by 9.8% to MXN98.7 billion.
Tax costs rose 58 percent to MXN10.5 billion, partly due to a four percent increase on telecommunications services imposed by by Mexico's government
Earnings before interest, taxes, depreciation and amortization (EBITDA) rose to MXN42.3 billion, up 12.4 percent from the same quarter in 2009. The company also recorded a foreign exchange gain of MXN2.17 billion, offsetting a loss of MXN2.23 billion a year ago
The group added 5.5 million subscribers to end the quarter with 206.4 million subscribers over 17 countries.
"Wireless penetration is estimated to have reached 92% in our region of operations (excluding the U.S.) at the end of March," the company said in its financial statement.
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