MEXICO CITY – Mexican telecommunications industry giant America Movil On Tuesday, (NYSE:), reported an increase in net profits for the first quarter due to strong operating income and gains from foreign currency.

According to filings with Mexico’s stock exchange, net profit reached 30.8 billion pesos ($1.55billion), an increase of 1.8 billion in the previous year.

America Movil claimed the increase was due to “strong performances of operating income, comprehensive financing income of 7.3 billion pesos derived foreign exchange gains 22.6 billion pesos”

Revenue rose by 2.4% to 211.2 Billion Pesos from 206.3 Billion in the first quarter 2021.

Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA), was 8.1 billion pesos. That’s an approximate 4.2% increase in nominal terms compared to a year ago. It is below the Refinitiv estimate for 83.673 giga pesos.

($1 = 19.8911 pesos at end-March)