Billionaire Carlos Slim’s America Movil on Tuesday reported a five-fold increase in quarterly profit, helped by a smaller loss from currency fluctuations, but tougher regulations in Mexico continued to squeeze margins at home. However, operating profit at Latin America’s largest wireless and pay TV provider fell. Grappling with tough regulation at home and deepening recession in Brazil, America Movil’s share price slipped more than 15 percent in the last year.

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