Mexico America Movil Raises 2005 CapEx Estimate To $2.4 Billion

MEXICO CITY -(Dow Jones)- Mexican wireless phone company America Movil SA (AMX) raised its capital expenditure plan for 2005 to $2.4 billion from $2.1 billion after its subscriber base grew more than expected in the first quarter.

In a conference call with analysts, chief executive Daniel Hajj said the company now expects to add 17.5 million subscribers this year.

America Movil added 5.2 million wireless subscribers in the first quarter, well above estimates, bringing its total to 66.3 million subscribers.

With subscriber growth increasing faster than originally expected, the company now also plans to invest more.

Hajj said the $2.4 billion investment plan excludes Peru, where the company recently won a mobile license.

-By Anthony Harrup, Dow Jones Newswires; (5255) 5080-3450, anthony.harrup@dowjones.com

(END) Dow Jones Newswires"

Posted to the site on 26th April 2005