Colombian net income Cementos Argos collapses in 2019

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File photo Cementos Argos production silos, at the company’s plant in Medellín, Colombia, May 30, 2019. REUTERS / Luisa González

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

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