Mexico based telecommunications company America Movil (NYSE:AMX) saw Total Revenues in the fourth quarter grow by 11.6% year-on-year, arriving at Mx$94.4 bln (US$6.36 bln). Net Income improved 14.5%, to arrive at Mx$16.3 bln (US$1.2 bln). During the quarter, the company added 10.1 mln new subscribers, making it the best quarter in the company's history.
The strong growth in subscriber base was achieved in main part by a favorable development in the Colombian, Brazilian and Ecuadorian markets. Throughout 2008, America Movil added 29.3 mln subscribers. The subscriber base totaled 186.6 mln lines at the end of 2008.
Net income reached Mx$16.3 bln (US$1.1 bln) for the fourth quarter, and Mx$60.1 bln (US$4.07 bln) for the year as a whole. The quarterly profit equals US$0.74 per ADR (ADR/share = 1/20). The company achieved US$3.15 in earnings per ADR during the full year 2008.
The company's financial position as of December 31, 2008, shows Mx$147.7 bln in Current Liabilities, Mx$146.4 bln in Long Term Liabilities, and Mx$144 bln in Equity. In 2007 these numbers were Mx$114.8 bln, Mx$107.3 bln and Mx$126.8 bln.
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