Grupo Elektra has reported that its net income for the second quarter of 2008 was MXN1.86 billion, 142% higher than the earnings of MXN768 million for the same period in 2007.

According to the company, the improvement in the earnings is mainly due to a financial gain of MXN1.56 billion in this period, compared to a comprehensive financial cost of MXN262 million in the prior year. The gain mainly resulted from increases in the market value of derivative instruments.

The company has registered a consolidated revenue of MXN10.56 billion for the quarter, representing a rise of 13% from MXN9.39 billion reported in the same period of 2007.

Gross profit was MXN5.06 billion, an increase of 12% over the MXN4.5 billion reported during the comparable period of 2007. The gross margin was 48%, the same as in the corresponding quarter of 2007.

Carlos Septien, CEO of Grupo Elektra, said: Once again, consolidated revenue reported double-digit growth, as a result of the steady increase in financial revenue, and the renewed dynamism in merchandise sales.