MEXICO CITY May 2 Mexican retail and banking
company Grupo Elektra reported a 289 percent
year-on-year rise in its net profit for the first quarter, when
its share price more than doubled.
Elektra earned 4.5 billion pesos ($240 million) in
January-March, helped by a 24 percent rise in revenue at its
financial unit Banco Azteca and an 18 percent jump in commercial
sales, the company said Tuesday.
Elektra, which runs appliance stores that have banking and
money transfer businesses, said its EBITDA rose 18 percent.
Elektra's already-surging shares could be propelled even
higher by its quarterly results.
Earlier this year, members of Mexico's association of
brokerages asked the stock exchange to look into Elektra's share
price gains. The company, owned by Mexican billionaire Ricardo
Salinas, has said it was not aware of what was driving them.
(Reporting By Noe Torres and Mitra Taj; Editing by Sunil Nair)