America Movil posts jump in second-quarter net profit

Mexican telecommunications giant America Movil posted a 40% jump in net profit on Tuesday because of lower costs, although it said the coronavirus pandemic took a toll on some aspects of its business.

America Movil said net profit rose to 20.1 billion pesos ($873.8 million) in the second quarter from 14.9 billion pesos in the same period last year.

The company, which is controlled by the family of Mexican billionaire Carlos Slim, reported sales of 251.6 billion pesos.

The company said it was affected by closures to its stores amid lockdown measures across the region to curb the spread of the coronavirus. In particular, America Movil said its base of pre-pay clients shrank.

-Reuters