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UPDATE 1-Mexico's America Movil posts 31% drop in Q3 net profit

(Adds details of company's performance)

MEXICO CITY, Oct 15 (Reuters) - America Movil, the largest Mexican telecommunications provider, on Tuesday reported third-quarter net profit of 13.03 billion pesos ($660.6 million), down 31% from 18.88 billion pesos in the year-ago period due to foreign exchange losses.

The company controlled by the family of Mexican billionaire Carlos Slim posted total revenue of 248.43 billion pesos, up from 247.94 billion pesos in the year-ago quarter.

The company said its results were hit by financing costs of 12.4 billion pesos stemming from the weakening of currencies in Argentina and Colombia against the dollar.

In Argentina, which is in the throes of another economic crisis, America Movil's revenues shrank 7.9%. The company said it waged a campaign to slash costs and expenses to remain profitable.

(Reporting by Julia Love; additional reporting by Noe Torres; editing by Anthony Esposito and Richard Chang)