Salinas Flagship Company Elektra Posts Loss After Stock Decline
Mexican billionaire Ricardo Salinas Pliego's flagship company Grupo Elektra posted a net loss of 11.6 billion pesos ($570 million), dragged down by a slump in the value of its own shares ahead of a planned delisting.
A decline in Grupo Elektra's shares — the underlying asset of derivatives owned by the firm — led to a 20 billion peso non-cash charge, the company said in a statement, without specifying further. It has long maintained an equity swap bet on its own stock, according to annual filings.
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