General News

Update: Controller-General Claims Hidroituango Crisis Arose From Insufficient Studies, Planning, Controls

Medellin Herald August 26, 2018

Colombia’s Controller-General on August 25 unveiled a 442-page report finding that recent problems with the US$5 billion, 2.4-gigawatt “Hidroituango” hydroelectric project in Antioquia are the result of insufficient technical studies, planning and regulatory controls. The Controller’s report is

Companies

Update: Moody’s, Fitch Both Confirm EPM’s Investment-Grade Rating Despite Hidroituango Issues

Medellin Herald August 25, 2018

Wall Street bond rater Fitch announced September 12 that it has decided to maintain its “AAA (col)” investment-grade rating for Medellin-based multinational electric power giant EPM — but issued a cautionary “negative” outlook. The Fitch decision follows in the wake of fellow Wall Street bond rater Moody’s, which last month likewise maintained an

Companies

ISA 2Q 2018 Net Income Drops Year-on-Year, But First-Half 2018 Still Profitable

Medellin Herald August 23, 2018

Medellin-based multinational electric-power grid operator ISA reported August 13 that its second quarter (2Q) 2018 net income dropped 16% year-on-year, to COP$232 billion (US$77.6 million). Earnings before interest, taxes, depreciation and amortization (EBITDA) for 2Q 2018 likewise dropped 3.8% year-on-year, to COP$945 billion (US$316 million), according to the company. As

Events

Car-Crazy Cities On The Mend: Detroit and Medellin

Medellin Herald August 23, 2018

August is the month when both Medellin and Detroit celebrate classic cars — and the joyful return of positive vibes — via the “Desfile de Autos Clasicos” here and the gigantic “Woodward Dream Cruise” in Detroit.  Both events — August 11 here, August 18 in Detroit – draw millions of spectators and participants, although the […]

Companies

EPM First-Half 2018 EBITDA Grows 10% Year-on-Year

Medellin Herald August 18, 2018

Medellin-based multinational utilities giant EPM announced July 31 that its first-half (1H) 2018 earnings before interest, taxes, depreciation and amortization (EBITDA) grew 10% year-on-year, to COP$2.5 trillion (US$865 million). Net profits for 1H 2018 were steady year-on-year, at COP$1 trillion (US$ 346 million), according to the company. The city of Medellin – EPM’s

Companies

Enka, Coltejer Post Year-on-Year Net Losses for 2Q 2018, But Exports Improving

Medellin Herald August 7, 2018

While sales and export revenues are starting to improve for Medellin’s textile manufacturing giants, net profits are still hard to come by, as evidenced by the latest second quarter (2Q) 2018 results from Enka Colombia and Coltejer. In a financial report issued August 6, Enka revealed that gross income rose to COP$196 billion (US$67 million) […]

General News

University of Antioquia, EPM Team-Up On Biodiversity Projects Around Hydroelectric Dams

Medellin Herald August 4, 2018

Medellin-based utilities giant EPM announced July 3 that it signed a biodiversity project alliance deal with University of Antioquia (U-A) to study and protect birds and other wildlife affected by EPM’s hydroelectric dams – including the under-construction “Hidroituango” dam in Antioquia. According to EPM, the agreement with U-A “adds scientific, technical and

Companies

Bancolombia 2Q 2018 Net Income Dips 9.5% Year-on-Year

Medellin Herald August 2, 2018

Medellin-based international banking giant Bancolombia reported August 2 that its second quarter (2Q) 2018 consolidated net income dropped 9.5% year-on-year, to COP$592 billion (US$204 million), from COP$653 billion (US$225 million) in 2Q 2017. Despite the year-on-year decline, the 2Q 2018 profits were 13% better than first-quarter (1Q) 2018 profits, according to the

General News

‘Doble Calzada Oriente’ Would Dramatically Improve Traffic Between Medellin, Rionegro: Proponents

Medellin Herald August 1, 2018

Private-sector developers are stepping-up their push for the proposed “doble calzado oriente” (DCO) four-lane, divided highway between the Sancho Paisa roundabout on the Las Palmas highway (east of Medellin) and the international-airport highway adjacent to Hospital San Vicente Fundacion. In an August 1 public hearing near Medellin’s Jose Maria Cordova (JMC) international

Companies

Fabricato Posts US$2.6 Million Net Loss in 2Q 2018

Medellin Herald July 31, 2018

Medellin-based textile giant Fabricato on July 31 posted a COP$7.4 billion (US$2.6 million) net loss for second quarter (2Q) 2018, down from a COP$16 billion (US$5.5 million) net profit in 2Q 2017. Earnings before interest, taxes, depreciation and amortization (EBITDA) came-in at COP$2.8 billion (US$970,000) in 2Q 2018, an improvement over the COP$1.6 billion (US$554,000)