By Anthony HarrupMEXICO CITY--Mexican telecommunications company América Móvil posted a sharp drop in third-quarter net profit as a result of higher financial costs including exchange losses and an impairment charge. Net profit fell from 18.0 billion pesos in the year-earlier quarter. An exchange loss of 12.3 billion pesos and a 4.7 billion peso impairment of the company's stake in the Claro Chile joint venture contributed to higher overall financial costs. Earnings before interest, taxes, depreciation and amortization fell 3.6% to 79.9 billion pesos, but were up 5% at constant exchange rates. Within the fixed-line segment, corporate network services became the second-largest revenue generator after broadband during the quarter, accounting for 19% of fixed-line service revenue.

Source: Wall Street Journal October 17, 2023 23:17 UTC