Mexico’s Elektra profit surges 289 percent in first quarter

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 $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. Reuters reports. Brazilian mill Cevasa suspends loan payments during shareholder rift Cevasa, a Brazilian sugar and ethanol mill in which Cargill has a majority stake, has suspended interest and principal payments on $220 million of loans during a shareholder rift over a capital injection, people familiar with the matter said on Tuesday. Cevasa is faced with a cash crunch due […]

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