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Grupo Elektra posts Q2 net loss

Grupo ElektraSAB de CV reported a second-quarter net loss of 79 million Mexicanpesos, compared with a net loss of 1.42 billion pesos in the year-ago period.

Operating profit rose 87% year over year to 2.90 billionpesos, from 1.55 billion pesos. Consolidated revenue ticked up 8% to 19.52billion pesos, from 18.03 billion pesos in the year-ago quarter. Consolidatedcosts dropped 8% to 7.46 billion pesos, from 8.09 billion pesos a year earlier.

Consolidated EBITDA grew to 3.52 billion pesos in thequarter, up 64% from 2.15 billion pesos in the second quarter of 2015. GrupoElektra noted a positive impact of 270 million pesos in other financial resultsfor the quarter, due to a smaller reduction in the market value of theunderlying assets of financial instruments it owns, compared with the previousyear.

Grupo Elektra's consolidated deposits held 103.50 billionpesos in the second quarter, a 6% increase year over year from 97.84 billionpesos.

The consolidated gross portfolio of Grupo Elektrasubsidiaries Banco Azteca SAInstitución de Banca Múltiple, Advance America and Banco AztecaLatin America stood at 68.44 billion pesos in the quarter, up 4% year over yearfrom 65.75 billion pesos. The consolidated delinquency rate at theend of the second quarter was 3.7%, compared with 9% at the same time in 2015.

As of July 22, US$1was equivalent to 18.59 Mexican pesos.