Latest news with #CarlosSlim
Yahoo
2 days ago
- Business
- Yahoo
Mexico raises $12bn through debt offering to aid state oil company Pemex
Mexico has reportedly placed $12bn (224.29bn pesos) in a debt offering aimed at supporting Petroleos Mexicanos (Pemex), the country's state oil producer, according to a Reuters report, citing the country's Finance Ministry. The Finance Ministry announced the move, which involved pre-capitalised securities, or P-Caps, to address Pemex's financial obligations and upcoming debt payments for 2025 and 2026. The demand for the dollar-denominated securities was robust, with total interest reaching $23.4bn, which allowed Mexico to exceed its initial $10bn target. President Claudia Sheinbaum's administration is committed to bolstering Pemex's financial situation, as the company is burdened with substantial debts to suppliers and creditors, amounting to $98.8bn in financial debt and $22.79bn owed to providers by the end of the second quarter. To achieve a production goal of 1.8 million barrels per day, Pemex executives have acknowledged the necessity for mixed contracts with private companies and ongoing government support. Earlier in March, Pemex reportedly sought financing from businessman Carlos Slim to fund development projects in two significant oil and natural gas fields. Negotiations are under way for a joint operating agreement in the Zama offshore field. Slim who is also considering a stake in the Ixachi onshore natural gas field, is potentially providing the investment needed for Pemex's share. Additionally, Pemex is planning a corporate restructuring to cut costs and enhance efficiency. The strategy includes eliminating 3,114 tenured positions, approximately 28% of its operational personnel budget for the year, according to the company's documents. This proposal is expected to save around 10.5bn pesos, contributing to the company's efforts to stabilise its finances and increase oil production. "Mexico raises $12bn through debt offering to aid state oil company Pemex" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Time of India
23-07-2025
- Business
- Time of India
Mexican telecom giant America Movil swings to profit on foreign exchange gains
By Sarah Morland MEXICO CITY: Mexican telecommunications giant America Movil reported on Tuesday a swing to profit in the second quarter of 2025, surpassing analysts' forecasts and fueled by foreign exchange gains from currencies across Latin America. "Our integral financing costs decreased significantly thanks to which we were able to log 11 billion pesos in FX gains," America Movil said in a statement. Net profit for the group, controlled by the family of Mexican billionaire Carlos Slim , hit 22.28 billion pesos ($1.19 billion) in the three months through June, rebounding from a 1.09 billion peso loss in the same quarter a year earlier. Analysts polled by LSEG had expected a $1.13 billion profit. Revenues for the firm, which operates across Latin America and Europe, rose 14% to 233.79 billion pesos, or $12.46 billion, also above analysts' $12.00 billion forecast. Earnings before interest, taxes, depreciation and amortization (EBITDA) rose 11% to 92.41 billion pesos. America Movil said its revenue was also inflated by the Mexican peso's depreciation against most currencies from other countries where the group operates. "The second quarter was characterized by significant uncertainty associated with the tariffs that the U.S. government seeks to impose on merchandise imports," it added, noting the U.S. dollar had as a result weakened against most currencies in its operating region. America Movil said its mobile services growth was driven by its post-paid segment, which added 2.9 million customers in the three months through June, including 1.4 million from Brazil. Its pre-paid platform, however, logged 1.1 million net disconnections. The firm also recorded 462,000 new broadband connections, half of which were in America Movil's home market of Mexico.
Reuters
23-07-2025
- Business
- Reuters
Telecoms giant America Movil swings to profit on foreign exchange gains
MEXICO CITY, July 22 (Reuters) - Mexican telecoms giant America Movil ( opens new tab reported on Tuesday a swing to profit in the second quarter of 2025, surpassing analysts' forecasts and fueled by foreign exchange gains from currencies across Latin America. Analysts are scrutinizing the firm's earnings results for clues to the landscape of toughening competition in Mexico, the region's second-largest economy, where rivals such as Walmart ( opens new tab and Televisa ( opens new tab jostle for subscribers. America Movil pointed in a report to 11 billion pesos in FX gains - equivalent to half its net profit - which it said had allowed it to "significantly" cut down its financing costs. Net profit for the group, controlled by the family of Mexican billionaire Carlos Slim, hit 22.28 billion pesos ($1.19 billion) in the three months through June, rebounding from a loss of 1.09 billion pesos in the corresponding quarter a year earlier. Analysts polled by LSEG had expected profit of $1.13 billion. Revenues for the firm, which operates across Latin America and Europe, rose 14% to 233.79 billion pesos, or $12.46 billion, also above analysts' forecast of $12 billion. Earnings before interest, taxes, depreciation and amortization (EBITDA) rose 11% to 92.41 billion pesos. Scotiabank analysts hailed the Mexico revenues of America Movil as "remarkably resilient in light of a weak economy" and competition, adding that they believed fixed internet rivals would hit back with price cuts and improved speed and quality. Such competition is highlighted by the efforts of retail giant Walmart's (WMT.N), opens new tab mobile service Bait, which added 1.7 million new active users versus the prior three months, while broadcaster Televisa's ( opens new tab broadband service swept in thousands of new customers. America Movil said its revenue, reported in Mexican pesos, was also boosted by the currency's depreciation against most others in the regions where it operates. "The second quarter was characterized by significant uncertainty associated with the tariffs that the U.S. government seeks to impose on merchandise imports," it said. As a result, it added, the U.S. dollar also weakened against most currencies in the company's operating region. America Movil said mobile services growth was driven by its post-paid segment, which added 2.9 million customers in the three months through June, including 1.4 million from Brazil. Its pre-paid platform, however, was hit by 1.1 million net disconnections, though the firm added 462,000 new broadband connections, half in its home market of Mexico. Scotiabank analysts also pointed to a "rare" inflow from the group's pension funding in the second quarter, which they said was unlikely to continue due to union tensions over company plans to convert pension liability into stock. ($1=18.7654 pesos at end-June)
Reuters
22-07-2025
- Business
- Reuters
Mexican telecom giant America Movil swings to profit on foreign exchange gains
MEXICO CITY, July 22 (Reuters) - Mexican telecommunications giant America Movil ( opens new tab reported on Tuesday a swing to profit in the second quarter of 2025, surpassing analysts' forecasts and fueled by foreign exchange gains from currencies across Latin America. "Our integral financing costs decreased significantly thanks to which we were able to log 11 billion pesos in FX gains," America Movil said in a statement. Net profit for the group, controlled by the family of Mexican billionaire Carlos Slim, hit 22.28 billion pesos ($1.19 billion) in the three months through June, rebounding from a 1.09 billion peso loss in the same quarter a year earlier. Analysts polled by LSEG had expected a $1.13 billion profit. Revenues for the firm, which operates across Latin America and Europe, rose 14% to 233.79 billion pesos, or $12.46 billion, also above analysts' $12.00 billion forecast. Earnings before interest, taxes, depreciation and amortization (EBITDA) rose 11% to 92.41 billion pesos. America Movil said its revenue was also inflated by the Mexican peso's depreciation against most currencies from other countries where the group operates. "The second quarter was characterized by significant uncertainty associated with the tariffs that the U.S. government seeks to impose on merchandise imports," it added, noting the U.S. dollar had as a result weakened against most currencies in its operating region. America Movil said its mobile services growth was driven by its post-paid segment, which added 2.9 million customers in the three months through June, including 1.4 million from Brazil. Its pre-paid platform, however, logged 1.1 million net disconnections. The firm also recorded 462,000 new broadband connections, half of which were in America Movil's home market of Mexico. ($1 = 18.7654 pesos at end-June)
Bloomberg
22-07-2025
- Business
- Bloomberg
America Movil's Income Misses as Prepaid Disconnections Rise
Billionaire Carlos Slim's wireless provider America Movil SAB 's net income missed analyst estimates as prepaid subscriber disconnections reached more than a million in the quarter. Net income in the second quarter was 22.3 billion pesos ($1.2 billion), below analysts' estimates of 29.3 billion pesos. Revenue was 233.8 billion pesos, higher than analysts had expected, while a gauge of profitability known as Ebitda, which excludes items such as taxes and depreciations, beat estimates to reach 92.4 billion pesos.
