May 3, 2017 / 2:24 AM / a year ago

Mexico's Elektra reports near quadrupling of Q1 profit

MEXICO CITY, May 2 (Reuters) - 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

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