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Written by August 24 2017 0

Medellin-based Compañía de Empaques – makers of fibers for industrial, agricultural, construction and infrastructure sectors – announced this month that its first-half (1H) net profits fell to COP$1.96 billion (US$662,000), compared to COP$13.5 billion (US$4.5 million) in 1H 2016.

While sales rose year-on-year -- to COP$193 billion (US$65 million) in 1H 2017 versus COP$179 billion (US$60 million) in 1H 2016 -- cost of sales rose considerably, to COP$160 billion (US$54 million) in 1H 2017 versus COP$142 billion (US$48 million) in 1H 2016, according to the company.

Compañía de Empaques boasts 75 years of experience in manufacturing specialty fibers for packing and storage of materials as well as for reinforcing materials used in mining and construction.

Written by August 24 2017 0

Medellin-based Enka de Colombia – producer of fibers and filaments including nylon and polyester - this month reported that its first-half (1H) 2017 net profits fell to COP$1.9 billion (US$641,000), down sharply from COP$9.3 billion (US$3 million ) in 1H 2016.

Sales also dropped year-on-year, to COP$84.8 billion (US$28.6 million) in 1H 2017, versus COP$92.5 billion (US$31 million) in 1H 2016.

The Enka plant, in the Medellin suburb of Girardota, also recycles PET plastic for tire manufacturers, plastics producers and textile producers.

Coltejer Losses Nearly Double

Meanwhile, Medellin-based textile manufacturer Coltejer this month reported that its 1H 2017 losses rose to COP$21.6 billion (US$7.3 million), compared to a COP$11.6 billion (US$3.9 million) loss in 1H 2017.

Sales also dropped sharply, to COP$72.8 billion (US$24.6 million), versus COP$122.8 billion (US$41 million) in 1H 2016.

Mexico-based Grupo Kaltex is the majority (82%) share owner of Coltejer.

Colombian textile producers have been complaining of a loss of sales this year due to continuing contraband clothing imports, a slowdown in the Colombian economy and a hike in value-added tax, which penalizes retail sales.

Written by August 24 2017 0

Medellin-based multinational personal hygiene products manufacturer Familia SA announced this month that its second quarter (2Q) 2017 net profits soared to COP$51 billion (US$17 million), up from a COP$51 billion (US$17 million) net loss in 2Q 2016.

Sales also rose in 2Q 2017, to COP$583 billion (US$196 million), versus COP$570 billion (US$191 million) in 2Q 2016, according to the company, which manufactures toilet paper, napkins, diapers, feminine hygiene products and other paper-based products for sale in 20 Latin American countries.

Grupo Familia was founded in 1958, initially as an importer of Scott toilet paper. But it now has four Colombian manufacturing plants -- in Medellin, Rionegro, Cajica, Cauca – a fifh plant in Aconcagua, Argentina, and a sixth plant in Santo Domingo, Dominican Republic.

Former employees involved in an alleged toilet-paper price-fixing scheme with other companies several years ago have since been fired. Familia also paid a COP$62 billion (US$20.8 million) fine last year to settle those charges.

 

Written by August 24 2017 0

Medellin-based paints, chemicals, hardware supplies and pipe manufacturer Grupo Orbis this month posted a second-quarter 2017 net loss of COP$1.5 billion (US$504,000), an improvement over the COP$11 billion (US$3.7 million) net loss in 2Q 2017.

Sales improved slightly in 2Q 2017 to COP$369 billion (US$124 million), versus COP$366.9 billion (US$123 million) in 2Q 2016, according to the company, which produces the popular “Pintuco” brand of paints at its Rionegro, Antioquia manufacturing complex.

While first-quarter 2017 results inside Colombia were in-line with budget forecasts, the second quarter 2017 showed a decline in consumer demand, according to the company.

On the positive side, Orbis sales in Central American markets and in Argentina exceeded expectations. But Brazil sales results were hurt by continuing macroeconomic headwinds, according to Orbis.

Corporate financing costs for first-half (1H) 2017 grew to COP$36 billion (US$12 million), versus COP$27 billion (US$9 million) in 1H 2016.

While Grupo Orbis describes itself a significant finished-products exporter, the company “has a significant exposure to imported raw materials that may have potential impacts on costs due to adjustments in the exchange rate,” according to the company.

Written by August 20 2017 0

Medellin-based gold mining giant Mineros SA announced August 17 that its first-half (1H) 2017 net profits dipped 2.9% year-on-year, to COP$74 billion (US$24.7 million), while operating income dipped 4%, to COP$199 billion (US$66.6 million).

Earnings before interest, taxes, depreciation and amortization (EBITDA) fell 12.2% year-on-year, to COP$100 billion (US$33 million), while operating costs rose 1.6%, to COP$106 billion (US$35 million).

Consolidated revenues rose 14.4% year-on-year, to COP$402 billion (US$134 million), but Colombia revenues fell 4% year-on-year as gold prices (in Colombian pesos) fell 7.24%, according to the company.

Revenues in its Nicaragua operations rose 40% year-on-year thanks to production increases, while EBITDA margin in Nicaragua hit 26%, versus 50% in Colombia.

The company foresees future annual gold production in Nicaragua hitting 120,000 ounces “over the médium term” and predicts economical synergies between its Colombian and Nicaraguan operations.

Most of the Colombian gold production by Mineros is alluvial (river barge dredging) whereas most of the Nicaraguan production is via underground mines. Colombian production dipped slightly to 54,983 ounces in 1H 2017, versus 56,409 ounces in 1H 2016, while Nicaraguan production rose 36.6% year-on-year, to 53,725 ounces, according to the company.

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About Medellin Herald

Medellin Herald is a locally produced, English-language news and advisory service uniquely focused upon a more-mature audience of visitors, investors, conference and trade-show attendees, property buyers, expats, retirees, volunteers and nature lovers.

U.S. native Roberto Peckham, who founded Medellin Herald in 2015, has been residing in metro Medellin since 2005 and has traveled regularly and extensively throughout Colombia since 1981.

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