MEXICO CITY (AP) -- Mexican telecom company America Movil SA says its profit for the final quarter of 2011 was down 36.2 percent from a year earlier. It blames the depreciation in Mexico's peso and a rise in debt.
The company's statement Thursday says its net earnings totaled 16.28 billion pesos ($1.16 billion) in the final three months of 2011.
It says revenues rose 12 percent to 182 billion pesos ($13 billion) due to increases in cellphone customers. America Movil is Latin America's largest cellphone company and says its customer base expanded 7.4 percent to 242 million subscribers.
The corporation is controlled by Mexican billionaire Carlos Slim, who is listed by Fortune magazine as the world's richest person.
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