Category: Regions

America Movil, controlled by Mexican billionaire Carlos Slim, raised the number of clients it expects to add this year as expanding economies boost cell phone sales across Latin America. CEO Daniel Hajj said the company will sign up 22 million new subscribers in 2005, up from the company´s previous prediction of 17 million. Colombia and Brazil helped America Movil add a record 7.4 million clients in the second quarter, more than any other carrier in the Western Hemisphere.

Mexican fourth largest financial group Banorte posted a net profit of $193 million in the second quarter, a sharp increase of 249 percent year-on-year. Excluding extraordinary items the bank´s net profit rose 113 percent to $118 million.

Mexico´s Coca-Cola FEMSA, the world’s second largest Coca Cola bottler, reported a net profit of $121 million in the second quarter, down 28 percent year-on-year. The company attributed the decrease to a nonrecurring profit received in the same period of 2004. FEMSA’s revenue increased 11 percent year-on-year to $1.2 billion. Coca-Cola FEMSA is a unit of Mexico’s largest beverage company Fomento Economico Mexicano (FEMSA).

Mexican brewing giant Grupo Modelo´s net profit rose 30 percent in the second quarter to $370 million. Total sales rose 3.5 percent to $1.25 billion while domestic revenues were up 5.2 percent. Grupo Modelo produces popular beers Corona, Pacifico and Negra Modelo.

America Movil, controlled by Mexican billionaire Carlos Slim, raised the number of clients it expects to add this year as expanding economies boost cell phone sales across Latin America. CEO Daniel Hajj said the company will sign up 22 million new subscribers in 2005, up from the company´s previous prediction of 17 million. Colombia and Brazil helped America Movil add a record 7.4 million clients in the second quarter, more than any other carrier in the Western Hemisphere.

Former Mexico City Mayor Andres Manuel Lopez Obrador – affectionately known as AMLO – officially began his campaign for the country´s presidency Friday, pledging to make government assistance to the poor his top priority. He also promised to revamp Mexico´s highways and build a bullet train to the United States. AMLO, from the Democratic Revolution Party, is leading in the polls against Santiago Creel from President Vicente Fox´s National Action Party and Roberto Madrazo of the Institutional Revolutionary Party.

Mexico’s central bank said the country’s economy will likely grow 3.75 percent this year, down from 4.0 percent predicted earlier this month. The lowered projection is due to slower economic growth in the US and lost market share of Mexican exports in the US, said Banco de Mexico´s chief economist Manuel Ramos Francia. The US buys 85 percent of Mexican exports. The bank repeated its forecast that the overall inflation rate will slow to less than 4 percent by year-end from 4.3 percent in June.

Telmex, controlled by Mexican billionaire Carlos Slim, reported a profit of $606 million in the second quarter as profit margins rose to 16.3 percent from 14.5 percent a year earlier. Total sales were up 27 percent to $3.65 billion. The company has been acquiring telecoms firms in Argentina, Brazil, Chile, Colombia and Peru and reported increased sales in all those countries.

Mexican industrial conglomerate Alfa posted a net profit $172 million in the second quarter, up 65 percent year-on-year. Revenue rose 22 percent to $1.6 billion. The company attributed the gains to increased sales of petrochemicals, refrigerated products, and aluminum auto components. The results include sales from steel unit Hylsamex, which Alfa has agreed to sell to Argentina´s Techint.