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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