April 28, 2020 / 11:25 PM / a month ago

UPDATE 1-Mexico's America Movil reports wide first-qtr loss, hit by peso depreciation

(Adds details from company statement)

MEXICO CITY, April 28 (Reuters) - America Movil, the Mexican telecommunications giant, reported a first-quarter net loss of 29.38 billion pesos ($1.24 billion) on Tuesday, battered by the weakening of the Mexican peso and other Latin American currencies against the dollar.

Total revenue for the company, which is controlled by the family of Mexican billionaire Carlos Slim, inched up 1.8% to 250.1 billion pesos in the quarter.

During the year-ago quarter, America Movil reported a net profit of 19.44 billion pesos.

As cases of coronavirus rise rapidly across Latin America, America Movil, the region’s largest telecoms firm by number of subscribers, suggested it still had not seen the true impact on its business.

“After contingency measures were applied in all countries, most of them in mid-March, operating trends began to change,” the company said in a statement. “There is no clarity regarding its duration and magnitude.”

In Mexico, America Movil said it saw fewer net gains in mobile subscribers in late March, when social distancing measures went into effect.

The company’s revenues deteriorated in Ecuador, which has seen one of the worst coronavirus outbreaks in the region. (Reporting by Julia Love and Noe Torres; Editing by Anthony Esposito and Raju Gopalakrishnan)

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