EconomyFinancialElektra loses 2,384 million pesos in the third quarter...

Elektra loses 2,384 million pesos in the third quarter despite an increase in sales

Grupo Elektra accumulated a net loss of 2,384 million pesos during the third quarter of the year, a significant contrast compared to the 999 million pesos in profits recorded in the same period of 2021.

Similarly, in the first nine months of the year the company has accumulated losses of 8,764 million pesos, as opposed to the 10,996 million pesos registered in the same period last year, according to the financial statements of the company sent to the Mexican Stock Exchange. of Securities (BMV).

In the period, the company's consolidated revenues were 40,045 million pesos, 13% higher than in the third quarter of 2021. However, the operating flow (or EBITDA, for its acronym in English) was 4,119 million pesos. pesos, a drop of 26%.

Financial income contributed the largest proportion of this growth, registering an increase of 19%, mainly driven by the sales of Banco Azteca. Meanwhile, commercial sales grew by 5%.

This resulted in an operating profit of 1,802 million pesos, 48% lower than that achieved in 2021.

On the other hand, the consolidated costs for the quarter were 18,653 million pesos, compared to 16,855 million the previous year.

“The growth is explained by a 21% increase in the financial cost —derived from the greater creation of preventive credit reserves, in the context of the solid dynamism of the consolidated gross portfolio, as well as higher interest payments, in line with growing market rates. — and a 5% increase in the commercial cost, consistent with higher income from the sale of merchandise,” the company said.

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