Renewable Energy

Net profit at Colombia's Cementos Argos fell 52.3% in 1st qtr

Colombia's Cementos Argos said that net profit in the first quarter was down 52.3% to 39 billion pesos ($11.8 million) compared with the same period last year.

BOGOTA, May 14 (Reuters) - Colombia's Cementos Argos CCB.CN said that net profit in the first quarter was down 52.3% to 39 billion pesos ($11.8 million) compared with the same period last year.

The decline was due to sales of non-strategic assets in the first quarter of 2018, the company said. Net profit in the year-ago quarter "was positively impacted by non-recurring income from disinvestment," it said in a statement published by the country's financial regulator late Monday.

Earning before interest, taxes, depreciation and amortization fell 2.6% to 361.5 billion pesos in the quarter.

Total volume of shipped cement rose 4.7%, while concrete shipments were up 2.3%, due to positive developments in the housing market, public works projects and road works.

Operating income climbed 14 percent to 2.17 trillion pesos.

($1 = 3,299.01 pesos)

(Reporting by Nelson Bocanegra; Writing by Julia Symmes Cobb; Editing by Jeffrey Benkoe)

((julia.cobb@thomsonreuters.com; +571-518-5381;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Latest Energy Videos

    The State of Offshore Wind Power in the US and if It’s on the Way to Meeting Energy Goals

    Marmen Welcon Senior Representative Vincent Trudel discusses the state of offshore wind power in the US and if it’s on the way to meeting energy goals.

    6 days ago

    Reuters

    Reuters, the news and media division of Thomson Reuters, is the world’s largest international multimedia news provider reaching more than one billion people every day. Reuters provides trusted business, financial, national, and international news to professionals via Thomson Reuters desktops, the world's media organizations, and directly to consumers at Reuters.com and via Reuters TV.

    Learn More