American Tower Corp. reported a 39 percent profit increase yesterday on increased revenue from wireless communication tower rental and management and a growing presence in India.
The company also said it has agreed to pay up to $430 million for more than 3,000 cell towers in South Africa, a new market for the Boston-based company.
It agreed to buy up to 1,400 existing cell towers and 1,800 towers to be built from South African cellular telephone operator Cell C Ltd, which will be the anchor tenant on the towers.
American Tower reported net income of $93.4 million, or 23 cents per share, for the three months ended Sept. 30, up from $67.4 million, or 17 cents per share, a year ago. Revenue rose 15.6 percent to $513.3 million from $444.1 million.
Its shares fell 49 cents to $51.92.