Companies

Exito 1Q 2018 Net Income Rises Year-on-Year

Medellin Herald May 16, 2018

Medellin-based multinational retail giant Grupo Exito announced May 15 that its first quarter (1Q) 2018 net profits rose year-on-year to COP$9.98 billion (US$3.5 million), up COP$17.5 billion (US$6 million) from the COP$7.6 million (US$2,600) net loss posted in 1Q 2017. Operating income also

Companies

Enka Colombia 1Q 2018 Net Income Drops Year-on-Year, but Outlook Improves

Medellin Herald May 15, 2018

Medellin-based synthetic textiles specialist Enka Colombia announced May 11 that its first quarter (1Q) 2018 net income fell to COP$1.7 billion (US$591,000), down from COP$4.2 billion (US$1.4 million) in 1Q 2017. Operating income for 1Q 2019 rose 8.4% year-on-year, to COP$91.9 billion (US$32 million), but earnings before interest, taxes, depreciation and amortization

Colombian economy

Colombia GDP Grew at 2.2% Rate in 1Q 2018: DANE

Medellin Herald May 15, 2018

Colombia’s national statistics agency (Departamento Administrativo Nacional de Estadistica, DANE) announced May 15 that first quarter (1Q) gross domestic product (“PIB” in Spanish initials) grew by 2.2%, a big improvement over the 1.7% PIB growth in 1Q 2017. The finance/insurance sector topped every other sector at 6.1% PIB growth, followed by 5.9% growth in public […]

Companies

Medellin Software Startup ‘Alegra’ Wins ‘Endeavor’ Recognition; Expands Internationally

Medellin Herald May 14, 2018

Medellin-based software whiz-kids Jorge Soto and Santiago Villegas just won recognition in the prestigious “Endeavor Entrepreneurs” competition at Endeavor’s 79th “International Selection Panel” (ISP) in Louisville, Kentucky. Soto, the chief executive officer (CEO) of Medellin accounting software pioneer Alegra, and Villegas, the chief technology officer (CTO) of the

Companies

Gran Colombia Gold 1Q 2018 Profits Rise, but Mineros SA Earnings Decline

Medellin Herald May 12, 2018

Canada-based Gran Colombia Gold reported May 10 that profits from its first quarter (1Q) 2018 gold mining operations here in Antioquia rose to US$5.4 million, up from an $800,000 net loss in 1Q 2017. The company credited “higher gold sales volumes, realized gold prices and lower total cash costs per ounce” for the year-on-year profit […]

Companies

Conconcreto 1Q 2018 Net Income Drops Sharply; ‘Oriente’ Highway Feasibility Report Due in May

Medellin Herald May 9, 2018

Medellin-based construction giant Conconcreto reported May 9 that its first quarter (1Q) 2018 consolidated net income dropped 86% year-on-year, to COP$2 billion (US$698,000). Consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) also dropped by 36% year-on-year, to COP$33 billion (US$11.5 million). Colombia’s relatively weak economic growth,

Companies

ISA 1Q 2018 Net Income Jumps 24% Year-on-Year

Medellin Herald May 9, 2018

Medellin-based international electric-power transmitter and highway concessionaire ISA announced May 9 that its first quarter (1Q) 2018 net income rose 24% year-on-year, to COP$297 billion (US$103 million). Gross revenues climbed 3.6% year-on-year, to COP$1.6 trillion (US$558 million), while earnings before interest, taxes, depreciation and amortization (EBITDA) rose 12%

Companies

Fabricato Posts 1Q 2018 Net Loss, But Sees Improvements Coming

Medellin Herald May 7, 2018

Medellin-based textile giant Fabricato announced May 1 that it posted a COP$11.6 billion (US$4.1 million) net loss for first quarter (1Q) 2018, 13% worse than the COP$10 billion (US$3.5 million) net loss in 1Q 2017. Sales also dipped 13.6% year-on-year, while earnings before interest, taxes, depreciation and amortization (EBITDA) dropped 45% year-on-year, to COP$1.8

General News

Medellin Metro Hails Receipt of Last of 22 New Trains; Frequency, Capacity Improve

Medellin Herald May 7, 2018

Medellin’s “Metro” public transit agency announced May 4 that it just took delivery on its 80th train — the last of 22 new trains ordered in 2016 from Spanish manufacturer Constructores y Auxiliares de Ferrocarriles (CAF). The COP$380 billion (US$135 million) investment in the 22 new trains enables Metro to improve reliability and cut waiting […]

Colombian economy

IMF Sees 2.7% GDP Growth in Colombia This Year

Medellin Herald April 30, 2018

The International Monetary Fund (IMF) on April 30 announced that it foresees 2.7% growth in Colombia’s gross domestic product (GDP) this year. In its latest annual “executive board” report (see: http://www.imf.org/en/News/Articles/2018/04/30/pr18154-imf-executive-board-concludes-2018-article-iv-consultation-with-colombia?cid=em-COM-123-36986), IMF found that during