America Movil swings to net loss citing post-election peso volatility

MEXICO CITY: Mexican telecommunications giant America Movil fell short of analyst projections and swung to a net loss in the second quarter in results posted Tuesday, citing the depreciation of the local peso.

The company, controlled by the family of Mexican billionaire Carlos Slim, reported a net loss of 1.09 billion ($60 million). In the same period last year, it posted a net profit of close to 26 billion pesos.