Late Thursday, the phone company of billionaire Carlos Slim reported a 45% decline in net profit to 13.3 billion pesos ($1 billion). Weaker currencies in Mexico and elsewhere in Latin America led to MXN16.1 billion in exchange losses, and pushed up the cost of subsidizing handsets amid a growing preference among customers for smartphones.
The results drew mixed reviews from analysts and disapproval from investors. America Movil L shares closed down 0.2% at MXN17.99 on the Mexican stock exchange, after being down as much as 2.6% early in the session. The market's benchmark IPC index rose 1.2% to a record high close of 41,476 points.
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