MEXICO CITY, Reuters Mexican telecommunications giant America Movil39;s net profit tumbled 55.2 yearonyear, landing at 13.5 billion pesos 816.7 million, earnings showed on Tuesday, as a stronger peso and lack of extraordinary income diluted firstquarter results.

The company, controlled by the family of Mexican billionaire Carlos Slim, reported revenue of 203.3 billion pesos 12.3 billion in the quarter, down 2.7 from a year earlier. Revenue beat the mean estimate of 11.87 billion from four analysts, based on LSEG data.

The company blamed the weaker results on currency fluctuations as a stronger Mexican peso watered down earnings from abroad. The peso gained around 8.2 compared to the end of the first quarter of 2023.

America Movil also cited the previous sales of cell phone towers in the Dominican Republic and Peru, which bumped up extraordinary income in the first quarter of 2023.

This quarter, there were practically no tower sales, the firm said in its filing to the Mexican stock exchange.

America Movil39;s core earnings, or earnings before interest, taxes, depreciation and amortization EBITDA, fell 2.6 in the quarter to 80.6 billion pesos.

It added 1.5 million mobile subscribers, including 1.3 million postpaid customers, driven by an uptick in Brazilian customers. In the fixedline segment, the company added 562,000 broadband accesses.

The company said its net financing of 17.4 billion pesos and operating cash flow covered 21.8 billion pesos in capital…