America Movil posts weaker first-quarter profit

By Elinor Comlay MEXICO CITY (Reuters) – America Movil, Latin America's biggest phone company, on Thursday reported a 17 percent drop in first-quarter profit as it spent more on Internet-enabled handsets to attract new customers. The company, owned by the world's richest man Carlos Slim, said first-quarter profit slipped to 26.87 billion pesos ($2.18 billion) from 32.53 billion pesos a year ago. The results showed the company increased subsidies for expensive new handsets in order to attract customers from competitors and transfer existing customers to more lucrative mobile data packages. …

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America Movil posts weaker first-quarter profit

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