Grupo Elektra ‘s revenue grew 20% during the first quarter of the year to 37,532 million pesos (mp), mainly driven by the financial segment. However, the company went from having a profit of 3,048 million pesos last year to a net loss of 4,615 million pesos.
According to the company, the increase in financial income – which went from 18,002 million pesos to 21,715 million pesos compared to the same period in 2021 – reflects a 33% increase in Banco Azteca’s income.
The increase in financial income occurred “in the context of strong growth in the gross loan portfolio in the period,” the company said in its quarterly report sent to the Mexican Stock Exchange (BMV).
Similarly, the sales of the commercial business –which registered an 18% rise, going from 13,383 million pesos to 15,817 million pesos– were driven by higher sales of motorcycles, white goods and telephony.
In the period, the company registered an operating flow –or Ebitda– of 5,622 million pesos, an increase of 3% compared to 2021, with an operating profit 25% lower, which closed at 2,606 million pesos from the 3,493 million pesos reported in the same period. of 2021.
Consolidated costs for the quarter grew 23% to 16,791 million pesos, as a result of a 25% increase in the commercial cost —consistent with higher revenues from the sale of merchandise— and a 20% increase in the cost of the financial business, “derived in good measure of increase in preventive estimation of credit risks as well as higher interest paid, in line with growing market rates”.
In addition, sales, administration and promotion expenses were 15,120 million pesos from 12,350 million pesos a year ago, as a result of higher operating and advertising expenses.
