(Updates with information from call, analyst note, share price)
MEXICO CITY, Feb 15 (Reuters) - Mexican
telecommunications firm America Movil expects to invest between
$8 billion and $8.2 billion in 2023, which includes
radio-frequency concessions, fiber-optic network expansions and
digitalization, a company executive said Wednesday.
The estimate is in line with the company's plan to invest
$24 billion over three years, Chief Financial Officer Carlos
Garcia said in a call with analysts.
The company invested around $7.9 billion last year, Garcia
said, which could bump up 2023's capital expenditures "because
we have some things (budgeted to be spent in 2022) that we are
going to (spend on) this year."
The firm, controlled by the family of billionaire Carlos
Slim, saw its fourth-quarter profit slide by 90%, it reported
Tuesday. It was largely dinged by the deconsolidation of a
Chilean subsidiary and currency headwinds, it said.
The results reflected "profitability pressures related
to the inflationary backdrop that increased cost of service and
(selling, general and administrative expenses)," analysts at
Actinver said in a note.
America Movil expects to enact price hikes in 2023,
though it is still evaluating which countries will see the
increases, executives said Wednesday on the call.
Shares in the firm were down around 2% on Mexico's main
stock exchange following the call.
(Reporting by Kylie Madry, Aida Pelaez-Fernandez and Cassandra
Garrison
Editing by Caitlin Webber)
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.