July 20, 2017 / 11:20 PM / a year ago

Mexico's Elektra posts second-quarter profit after year-ago loss

MEXICO CITY, July 20 (Reuters) - Mexican retail and banking company Grupo Elektra on Thursday reported a net profit of 7.1 billion pesos ($393.4 million) in the second quarter, boosted by higher sales and an improved loan portfolio.

In the same quarter a year ago, Elektra had recorded a net loss of 79 million pesos.

Elektra also said revenue rose 17 percent in the April-June period, to 22.8 billion pesos.

Elektra, owned by Mexican billionaire Ricardo Salinas, said its loan portfolio grew by 24 percent to 85.1 billion pesos.

Elektra, which runs appliance stores that have banking and money transfer businesses, said its EBITDA rose 25 percent.

Earlier this year, members of Mexico’s association of brokerages asked the stock exchange to look into Elektra’s share price gains. The company has said it was not aware of what was driving them.

Elektra shares were up 0.57 percent at 819.82 pesos per share before it reported. ($1 = 18.143 pesos on June 30) (Reporting by Gabriel Stargardter, editing by G Crosse)

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