America Movil posts third-quarter loss of 9.55 billion pesos

America Movil posts third-quarter loss of 9.55 billion pesos

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
MEXICO CITY: Mexican billionaire Carlos Slim's America Movil on Tuesday reported a net loss of 9.55 billion pesos (US$525 million) for the third quarter, hurt by the depreciation of the peso.The company reported a profit of 2.12 billion pesos in the same quarter a year earlier.America Movil reported revenue of 244.2 billion pesos for the quarter, down from 249.7 billion pesos during the same period last year.The company said its results were also dragged down by a 18.5 billion peso payment made as a result of a Colombian arbitration ruling.In July, a Colombian arbitration panel said America Movil and Spain's Telefonica failed to return installed telecommunication networks and infrastructure as part of agreements to provide cellular phone service in Colombia more than a decade ago.(US$1 = 18.1785 pesos as of Sept. 30)
(Reporting by Julia Love, Noe Torres and Christine Murray; Editing by Phil Berlowitz)
Source: Reuters
 Source : http://www.channelnewsasia.com/news/business/america-movil-posts-third-quarter-loss-of-9-55-billion-pesos-9341330