Mexico’s America Movil reports steepest loss in 16 years

02/13/2018 Reuters

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MEXICO CITY (Reuters) – America Movil, (AMXL.MX) the crown jewel of Mexican billionaire Carlos Slim’s empire, reported its largest loss in 16 years in the fourth quarter, hampered by the peso’s depreciation against the dollar and euro.

The telecommunications company, which is controlled by the family of Slim and has operations throughout the Americas and in eastern Europe, posted a net loss of 11.295 billion pesos ($575 million) for the fourth quarter to December, far wider than the loss of 5.972 billion pesos in the same quarter a year earlier.

Analysts in a Reuters poll had expected the company to report net profit of 4.231 billion pesos.

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