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Colombia's Grupo Argos says net profit up 38 pct in Q3
November 14, 2017 / 11:49 PM / in 3 days

Colombia's Grupo Argos says net profit up 38 pct in Q3

BOGOTA, Nov 14 (Reuters) - Net profit at Colombian holding company Grupo Argos was up 38 percent in the third quarter to 452 billion pesos ($150.4 million), compared to the same period a year earlier, the company said on Tuesday.

Income was up 20 percent to 4 trillion pesos between July and September, Grupo Argos said in a filing to the country’s financial regulator. Earnings before interest, taxes, depreciation and amortization were up 28 percent to 1.2 trillion.

The company, whose subsidiaries include cement maker Cementos Argos, said in the filing that the numbers were the fruit of its long-term investment strategy.

The positive results came despite Cementos Argos’ rough quarter. The cement-maker said last week profits fell 42 percent in the third quarter due to damage to its plants and its sales by recent hurricanes in the United States and the Caribbean.

$1 = 3,004.88 Colombian pesos Reporting by Nelson Bocanegra; Writing by Julia Symmes Cobb Editing by Sandra Maler

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