BOGOTÁ, Feb 24 (Reuters) – The net profit of Colombia’s Cementos Argos collapsed 32.6% last year to 196.508 million pesos (57.8 million dollars), compared to 2018, a behavior similar to that of the fourth quarter due to higher financial expenses and a higher tax payment, the company said.
Cementos Argos said that its operating income increased 11.4% in 2019, to 9.37 billion pesos, while EBITDA rose 14.3% to 1.75 billion pesos, compared to the previous year.
Meanwhile, the company’s net financial expenses, a subsidiary of Grupo Argos investment holding company, shot up 18.6% and the income tax payment was 18.9% higher, to 146.315 million pesos.
“Net income (was) impacted by a greater provision of taxes of 9 million dollars in the United States associated with the successful execution of the asset divestment plan,” the cement company said in a communication to the Financial Superintendency Friday night .
The company plans a conference with investors on Tuesday morning.
In the fourth quarter alone, Cementos Argos’s net profit decreased 39.1% to 48,817 million pesos ($ 14.3 million), compared to the same period of the previous year.
(1 dollar = 3,398.05 pesos)
Report of Nelson Bocanegra. Edited by Luis Jaime Acosta