Mexican telecommunications company America Movil expects to increase its returns to shareholders when it meets its target for leverage, the company said on Wednesday, as shares fell after the company`s performance fell short of analysts` estimates.
In a call with analysts, Chief Financial Officer Carlos Garcia Moreno said the company could reach its leverage target of 1.5 times EBITDA, a closely watched measure of profitability, as soon as the middle of next year.
America Movil, which is controlled by the family of Mexican billionaire Carlos Slim, reported a third-quarter net profit of 18.96 billion pesos ($1 billion) on Tuesday.
Analysts, however, expected a net profit of 22.6 billion pesos, according to a Reuters poll. Santander described the results as "weak" in a note to investors.
Shares of America Movil were down about 2.8 percent in early afternoon trading.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)