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

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)

((; +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.

More Related Articles

Sign up for Smart Investing to get the latest news, strategies and tips to help you invest smarter.