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America Movil's CEO Discusses Q3 2011 Results - Earnings Call Transcript

Stocks in this article: AMOV

Carlos García Moreno

Okay. Thank you, Vera, for hosting the call. Good morning, everyone. América Móvil added 500 million wireless subscribers in the third quarter, that’s more than a year before, bringing the total September to 16.4 million, well above reported for the period. Our greater coverage and data capabilities have been instrumental in our being able to expand rapidly our postpaid base. At 22%, its rate of growth was slightly more than twice that of prepaid. Absolutely all our operations, no exceptions, increase more rapidly in postpaid base than the prepaid one.

Since then access has increased by 2.1 million units, over 13% year-on-year with Pay-TV service growing 34%. With 12.5 million clients, América Móvil has become the second largest Pay-TV company by clients outside the US.

At the end of the month, we had 241 million wireless ops 11% year more than a year before, and in the fixed line platform, 56.6 million revenue generating units. Taken together, we had almost 300 million accesses at the end of September, 12% more than a year before.

Revenues were up nearly 8% from the year earlier quarter, 8.6% at the cost of exchange rate to 167 billion pesos with mobile revenues expending 10.7% to 108 billion pesos and fixed line revenues increasing 3.2% to 60 billion pesos, helped along by Pay-TV revenues that were 58% year-on-year.

I think last quarter mobile revenues were driven by data revenues, which increased 26%. The revenue figures reflect the impact of the 70% effective results in the mobile communication rates that took place in Mexico last May. Although part of the impact of these results had already been incorporated – the headquarters was the first one selecting the full impact of the change. Absolutely, all our operations registered revenue increases from a year before, with growth rates in Colombia, Chile, Ecuador, and Peru in the teens, and that of Argentina above 20%.

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