July 17, 2019 / 2:17 PM / 7 months ago

Shares surge in Mexican billionaire Slim's phone company after Q2 earnings

MEXICO CITY, July 17 (Reuters) - Shares in Mexican telecommunications company America Movil were up 3% on Wednesday as traders responded positively to second quarter earnings that showed a jump in net profit on favorable currency conditions and subscription growth.

The company, controlled by the family of Mexican billionaire Carlos Slim, posted a quarterly net profit of 14.07 billion pesos ($732.7 million) late on Tuesday, compared with 434.8 million pesos a year earlier, when results were hammered by currency swings. (Reporting by Miguel Angel Gutirrez; Writing by Frank Jack Daniel Editing by Chizu Nomiyama)

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