Slim's companies lose 32 billion pesos on the stock market.

Shares in billionaire Carlos Slim's companies, Grupo Carso, Inbursa, and América Móvil, listed on the Mexican Stock Exchange (BMV), fell on Tuesday following the publication of their quarterly reports for April through June of this year.

According to analysts, the results of Grupo Carso and Grupo Financiero Inbursa were below the market analyst consensus. Meanwhile, América Móvil exceeded market expectations, supported by exchange rate gains in Latin American currencies.

Shares of the telecommunications giant América Móvil fell 1% to 15.85 pesos per share, marking four consecutive declines.

Meanwhile, Grupo Carso shares, the businessman's industrial conglomerate, fell 5.42% to 132 pesos per unit, marking their second consecutive decline. Inbursa shares fell 2.97% to close at 48.94 pesos, marking three days in the red.

Together, the three companies listed on the Mexican Stock Exchange (BMV) erased 32.186 billion pesos in market capitalization during trading on Tuesday.

Mixed results

Telecommunications firm América Móvil reported second-quarter net income of 22.28 billion pesos, exceeding analysts' expectations.

The company's revenue reached 233.79 billion pesos in the period, a 14% year-over-year increase.

The company's operating cash flow (EBITDA) increased 11% in the second quarter of the year, reaching 92.41 billion pesos.

Analysts at Monex Casa de Bolsa considered América Móvil's report to be positive, as the company has managed to maintain a favorable pace of adding new mobile subscribers, as well as resilient cost and operating expense control.

They stated that by 2025, "it will be important to evaluate progress in generating strategies that deliver value to investors, as well as economic performance both locally and internationally," they detailed in an analysis.

Inbursa had a memorable second quarter, mainly due to the fact that it reported a net profit of 9.365 billion pesos, a figure that represented a 9.8 percent annual drop.

"The financial company's results are mostly negative and below consensus expectations. Although it maintains its overall portfolio growth, there are pressures at the operating and net levels. It's worth noting that it faces a lower benchmark interest rate and high comparison bases," wrote Bx+ experts.

"The financial company presented a weak quarterly report. Although it maintains sustained growth in its loan portfolio, we observed lower interest income and a contraction in non-interest income, with greater pressure from credit provisions due to the increase in its Stage 2 portfolio; however, its delinquency rate remains resilient," they explained.

Grupo Carso reported a drop in revenue as a result of a 29% decline in infrastructure and construction projects, due to fewer projects and the completion of major projects.

This overshadowed the progress made in the Grupo Sanborns divisions, Elementia/Fortaleza, Carso Energy, and Grupo Condumex.

"Sales decline was caused by weakness in Carso Infrastructure and Construction. The rest of the subsidiaries benefited from improved volume dynamics, promotional events, and a favorable exchange rate," noted experts at Valmex Casa de Bolsa. For the second half of the year, Carso will maintain the positive trend in the Elementia and Condumex segments.