Companies

Conconcreto 2Q 2020 Profits Fall 61% Year-on-Year on Covid Slowdown

Medellin Herald August 7, 2020

Medellin-based highway, dam and buildings construction giant Constructora Conconcreto announced August 6 that its second quarter (2Q) 2020 net income fell 61% year-on-year, to COP$22 billion (US$5.87 million), from COP$57 billion (US$15 million) in 2Q 2019. Ordinary income likewise fell 37%

Companies

Bancolombia Posts US$19 Million Net Loss for 2Q 2020 on Covid-19 Downturn

Medellin Herald August 6, 2020

Medellin-based multinational banking giant Bancolombia on August 5 posted a second quarter (2Q) 2020 net loss of COP$73 billion (US$19 million), a huge reversal from a COP$936 billion (US$249 million) net profit in 2Q 2019. “The current situation associated with Covid-19 has caused uncertainty and business disruption globally, therefore significant impacts are anticipated

Companies

ISA 2Q 2020 Net Income Jumps 25% Year-on-Year

Medellin Herald August 6, 2020

Medellin-based multinational electric-power transmission, highways concessions and telecom infrastructure provider ISA on August 5 reported a 25% year-on-year hike in second quarter (2Q) 2020 net income, to COP$550 billion (US$147 million). Operating revenues rose 32%, to COP$2.28 trillion US$609 million), while total earnings before interest, taxes, depreciation and

Companies

Cementos Argos 2Q 2020 Profits Drop 79% Year-on-Year on Covid Crisis

Medellin Herald August 6, 2020

Medellin-based multinational cement/concrete giant Cementos Argos reported August 6 that its second quarter (2Q) 2020 net profits dropped 79% year-on-year, to COP$12 billion (US$3.2 million). Revenues likewise declined by 9%, to COP$2.1 trillion (US$555 million), while adjusted earnings before interest, taxes, depreciation and amortization fell 6.4%, to COP$414 billion

Editorial

Colombia Supreme Court Orders House Arrest Pending Trial for Former President Alvaro Uribe

Medellin Herald August 5, 2020

An investigative unit (“Sala de Instruccion”) of the Colombia Supreme Court on August 4 ordered preventive house detention against former Colombia President (now Senator) Alvaro Uribe on charges of witness tampering in a case involving Colombia’s never-ending political cannibalism. Ironically, the alleged victim of witness tampering – left-wing Senator Iván Cepeda of the

Events

Medellin’s Annual ‘Colombiamoda’ Fashion Show Goes Virtual, Gets 220,000 Visitors

Medellin Herald August 5, 2020

Medellin-based national clothing and fashion-industry trade group Inexmoda announced August 5 that that the just-concluded, 31st annual “Colombiamoda” fashion show here – forced to go virtual because of the Covid-19 crisis – attracted 220,000 visitors through its www.colombiamoda.com internet platform. Aside from the thousands of Colombian designers, producers and

Companies

Nutresa 2Q 2020 Net Profit Rises 8% Year-on-Year

Medellin Herald August 1, 2020

Medellin-based multinational foods manufacturing giant Grupo Nutresa on July 31 reported an 8% year-on-year rise in second quarter (2Q) 2020 profits, hitting COP$140 billion (US$37.5 million). Gross revenues in the latest quarter rose 9%, to COP$2.66 trillion (US$713 million), versus COP$2.4 trillion (US$643 million) in 2Q 2019. As for first-half (1H) 2020, Nutresa net

Companies

Fabricato 2Q 2020 Sales Plummet 51% on Covid-19 Crisis, but Net Loss Trimmed

Medellin Herald August 1, 2020

Medellin-based textile giant Fabricato on July 31 reported a 51.2% decline in sales for second quarter (2020) because of the Covid-19 health crisis. Despite sales falling to COP$42.4 billion (US$11.3 million) in 2Q 2020, net loss came-in at COP$10.4 billion (US$2.78 million), an improvement over the COP$12.7 billion (US$3.4 million) net loss in 2Q 2019. […]

Companies

EPM First-Half 2020 Net Income Falls 45% Year-on-Year; Hidroituango Project Cost Estimate Rises Nearly 6%

Medellin Herald July 29, 2020

Medellin-based multinational utilities giant EPM announced July 28 that its first half (1H) 2020 net income fell 45% year-on-year, to COP$717 billion (US$192 million). “In the first half of 2020 — globally impacted by the coronavirus pandemic (Covid-19), which has implied significant financial challenges for the organization — the EPM Group’s revenues amounted

Companies

Éxito 2Q 2020 Net Income Vastly Improves Year-on-Year, Defying Covid Crisis

Medellin Herald July 28, 2020

Medellin-based multinational supermarket giant Grupo Exito announced July 27 that its second quarter (2Q) 2020 consolidated net income hit COP$12.8 billion (US$3.5 million) — a complete reversal from the COP$18 billion (US$4.9 million) net loss in 2Q 2019. Sales also rose 7% year-on-year (excluding currency change effects), to COP$3.56 trillion (US$968 million),