The telco owned by Mexican billionaire Carlos Slim posted revenues of US$11.35 billion in the period, up almost 10% year-on-year.

Mexican telecom giant America Movil reported Tuesday that it more than tripled its third-quarter net profit from a year earlier, citing a weaker peso that boosted its overseas revenue and lower financing costs.

Net profit rose 217% to 6.43 billion Mexican pesos (US$326.37 million), the company said in a statement to Mexico's main stock exchange.

The company, controlled by the family of Mexican billionaire Carlos Slim, reported revenue of 223.46 billion pesos (US$11.35 billion) in the period, up almost 10% year-on-year.

Analysts polled by LSEG had estimated dollar-denominated net profit of $1.11 billion on revenue of $11.47 billion in July-September.

The company said its higher profits were helped by the sale of some towers as well as the depreciation of the Mexican peso, which boosted the peso-denominated value of profits earned abroad.

By the end of September, the Mexican peso had weakened by more than 13% against the US dollar compared to a year earlier.

America Movil said the peso had weakened against most currencies in the regions where it operates, "with the notable exception of the Brazilian real."

America Movil said its core earnings, or earnings before interest, taxes, depreciation and amortization (EBITDA), rose about 12% in the quarter to 89.42 billion pesos, up 6% excluding exchange rate impacts.