News Briefs 74
Empresas Publicas de Medellin (EPM) – now a multinational electric power, water, sewer and natural-gas utility – announced April 27 that its first quarter (1Q) 2017 net income soared 460% year-on-year, to COP$606 billion (US$206 million).
Medellin-based textile giants Coltejer and Fabricato posted net losses for full-year 2016 -- in contrast to the net profits posted by both companies during 2015.
Cormagdalena – the Colombian government agency overseeing a massive dredging project for the Magdalena River – announced April 17 that it has officially cancelled Navelena SAS’s contract because of failure to complete financing.
Medellin-based gold miner Mineros SA announced March 22 that its full-year 2016 profit rose 36% year-on-year, to COP$98.8 billion (US$33.8 million), while sales in Colombia rose 8.3%, to COP$382 billion (US$130.7 million).
Colombia’s Banco de la Republica (BR, the state bank) found in a new study that Medellin and the surrounding Antioquia department are generally out-performing the national economy, especially in certain export sectors.