MEXICO CITY (Reuters) -An executive of Mexican telecoms giant America Movil said Wednesday that the company’s capital expenditure for 2025 would be $6.7 billion, below the $7.1 billion capex in 2024.
“It’s only because we’re seeing a slow down in all the economies. We have been investing a lot… with the slowdown that will reduce the capex to $6.7 (billion), that is what we decided yesterday,” said finance chief Carlos Garcia in a call with investors following the company’s first-quarter results.
“I think the reduction this year will not increase the normal guidance of capex for next year.. I don’t know, but we feel we can save some capex for the future,” he added.
Garcia said the company, which is controlled by the family of Mexican billionaire Carlos Slim, was also monitoring a telecoms law proposal by President Claudia Sheinbaum and offering its views to lawmakers.
Sheinbaum has argued the controversial telecommunications bill would prevent foreign governments from broadcasting political or ideological propaganda in Mexico, while critics have said it would promote state control of the sector.
America Movil on Tuesday reported a 39% jump in its first-quarter net profit to 18.70 billion pesos ($914.07 million, compared to the same period in 2024, citing an increase in operating profit and a decrease in financing costs.
Revenues of the company came in at 232.04 billion pesos for the period, up 14% year on year and just short of an LSEG average forecast of 233.3 billion pesos.
(Reporting by Cassandra Garrison; Editing by Brendan O’Boyle and Anthony Esposito)
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