November 16, 2016 / 6:03 PM / in 2 years

America Movil CFO sees dividend payout hike for 2016

BARCELONA, Nov 16 (Reuters) - Mexican telecoms operator America Movil is highly likely to pay a higher dividend for the current year than for 2015, as the telecoms operator does not expect to make large acquisitions, Chief Financial Officer Carlos Garcia Moreno said.

“If we don’t do a large acquisition ... that means we’ll have to do something extra in the distribution,” Garcia Moreno said at the Morgan Stanley annual Technology, Media and Telecoms (TMT)conference in Barcelona on Wednesday.

“Our net result has been increasing over the past couple of years and what we have promised is also improvement versus 2015,” he added.

Garcia Moreno said the company could make some acquisitions but he did not expect large takeovers of telecom companies outside its home region.

“There continues to be some medium-sized acquisition ... for us in our home market for telecoms and also in some cases for our new businesses. Acquisitions are not ruled out. I see nice momentum for some acquisitions here and there but not large telco acquisitions outside our footprint,” he said.

America Movil has paid out two regular dividends this year of 0.14 pesos each, up from two payments of 0.13 pesos each, paid in 2015. In 2015, it also paid an extraordinary dividend of 0.30 pesos.

America Movil, controlled by the family of billionaire Carlos Slim, reported a third-quarter profit of 2.1 billion pesos last month, compared with a loss of 2.9 billion pesos in the same period last year.

The company is still feeling the effects of a 2013 sector reform designed to curb its dominance at home, which prompted a price war in the market. (Reporting by Mathieu Rosemain; Additional reporting by Christine Murray in Mexico City; Editing by Adrian Croft)

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