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American Tower Profits Fall on Foreign Exchange Losses
Published on:
American Tower has reported that its second-quarter revenues rose by 16.8% to US$697.7 million, although net profit fell to US$48.2 million, compared to US$115.2 million a year ago.
The company's second quarter 2012 results include the reversal of approximately $4.9 million of revenue reserves and approximately $3.8 million of bad debt expense reserves, attributable to one of the Company's tenants in Mexico .
During the quarter, the Company recognized unrealized non-cash losses of US$114.9 million associated with fluctuations in foreign currency exchange rates related to intercompany loans and similar unaffiliated balances.
Jim Taiclet , American Tower's Chief Executive Officer stated, "During the second quarter, we continued to translate strong global wireless trends into solid performance. We added substantial new lease and amendment business in both the U.S. and across our global markets, and for the first time in our company's history, our international segment generated higher commenced new business than our domestic segment.
Tags: [american tower] [USA]
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