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Mexico's primary provider of fixed-line phone service, Telmex, is prepared to introduce Internet-based television and is waiting for the government's approval to launch the service.

Telmex, controlled by Carlos Slim, one the world's wealthiest men has seen profits and ad revenue decline in the last several quarter's, due to increased competition from cell phone and cable providers.

The company had a 13 percent drop in second-quarter net profit on Tuesday and its revenue decreased 6.3 percent.

Internet television, or IPTV will allow Telmex to leverage its existing broadband network to offer video and bundle its other phone and Internet services at affordable prices for customers.

"We have been preparing our telecommunications platform to provide triple-play services, we are ready to provide IPTV," Chief Financial Officer Adolfo Cerezo told analysts at a conference call on Wednesday.

To offer IPTV, Telmex was required to meet a number of conditions, including letting cable companies interconnect with its network and being prepared for number portability, or changing carriers without having to switch phone numbers.

Another problem hindering Telmex's plans is a government decision on if the company should pay an additional fee to revise it concession and offer IPTV as an additional service it can provide.

"How long will it take? I don't know. I would like to have a crystal ball in my hands to give you a good estimation but my assumption is that it shouldn't take too long," Cerezo said. "Telmex has already complied with all the things it was asked to comply with."

Other companies including Cablevision, a division of broadcaster Televisa, currently offers triple-play to its customer in the Mexico City area.

Telmex said the number of lines in service dropped three percent year-over-year, to 17.7 million lines in operation at the end of June.