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Colombian Grupo Argos profits more than doubled in first half of 2014
July 28, 2014 / 9:17 PM / 3 years ago

Colombian Grupo Argos profits more than doubled in first half of 2014

BOGOTA, July 28 (Reuters) - Colombian holding company Grupo Argos said on Monday that profit for the first half of this year rose by 126 percent from the same period of 2013, thanks to higher earnings at its subsidiaries.

Grupo Argos earned 306 billion pesos ($165.5 million) for the period, the company said in a filing with the stock market regulator.

The holding company, which is part of Grupo Empresarial Antioqueno, Colombia’s largest industrial conglomerate, owns Cementos Argos, the country’s largest cement maker, and electricity generator Celsia.

“The positive financial indicators confirm the advantages of our corporate strategy - oriented toward maintaining sustainable investments and diversification,” the statement said.

The company’s earnings before interest, taxes, depreciation and amortization (EBITDA) grew 22 percent to 1.2 trillion pesos, while consolidated income grew 22 percent to 4.5 trillion pesos.

Grupo Argos said its board approved the sale of up to a trillion pesos in commercial bonds, to improve its debt structure and gather funds for expansion plans.

$1 = 1,848.56 Colombian pesos Reporting by Nelson Bocanegra; Writing by Julia Symmes Cobb; Editing by Steve Orlofsky

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