Companies

Sura Posts US$19 Million 1Q 2020 Net Loss on Money-Losing Investments; Potential Covid-19 Insurance-Cost Crunch This Year

Medellin Herald May 15, 2020

Medellin-based insurance and investment giant Grupo Sura revealed in a May 15 filing with Colombia’s Superfinanciera oversight agency that it suffered a COP$75.9 billion (US$19 million) net loss for first quarter (1Q) 2020, down from a COP$560 billion (US$143 million) net profit in 1Q 2019. The

Companies

Construcciones El Condor 1Q 2020 Earnings Fall on Covid-19 Crisis

Medellin Herald May 14, 2020

Medellin-based highway construction giant Construcciones El Condor revealed in a May 13 filing with Colombia’s Superfinanciera oversight agency that its first quarter (1Q) 2020 net income dropped 76.7% year-on-year, to COP$7.3 billion (US$1.86 million) because of the Coronavirus-crisis shutdowns. Revenues likewise fell by 19.7% year-on-year, to COP$186 billion (US$47.5

Companies

ISA 1Q 2020 Net Income Rises 7.2% Year-on-Year

Medellin Herald May 13, 2020

Medellin-based multinational electric-power transmission, highways concessions and telecom-services operator ISA announced May 12 that its first quarter (1Q) 2020 net income rose 7.2% year-on-year, to COP$378 billion (US$97 million). The profitability improvement “was mainly due to higher revenues from the initiation of new project operations in Peru, Colombia, and Chile;

Companies

Éxito 1Q 2020 Sales Jump 12% Year-on-Year, Profits Rise Slightly

Medellin Herald May 12, 2020

Medellin-based supermarket giant Grupo Éxito announced May 12 that its first-quarter (1Q) 2020 operating income jumped 12% year-on-year to COP$4.05 trillion (US$1.04 billion), not including peso/dollar exchange rate effects. Recurring earnings before interest, taxes, depreciation and amortization (EBITDA) rose 4% year-on-year, to COP$262.8 billion (US$67.7 million) with an

Companies

Slammed by Coronavirus Shutdown, Avianca Files Chapter 11 Bankruptcy

Medellin Herald May 11, 2020

Colombia-born Avianca — Latin America’s oldest airline – on May 10 filed for Chapter 11 bankruptcy in U.S. federal court because of the Coronavirus shutdown. Its majority shareholders today are U.S.-based United Airlines and Kingsland Holdings. For the filing, the company cited US$10 billion in liabilities along with inability to generate income to cover continuing

Companies

Bancolombia Reopens Branches; Medellin Hours 9am-4pm Daily at 23 of 90 Outlets

Medellin Herald May 11, 2020

Medellin-based banking giant Bancolombia announced May 11 that 634 of its 684 branches nationwide are now open — all with Covid-19-avoidance biosafety protocols, with many locations operating from 9:00 am at 4:00 pm daily, but closed Saturdays. “The curfew decrees and other measures adopted in municipalities and localities of the country will be respected,” according

Companies

New Covid-19 Solutions: Viva Malls Subsidiary Launches Online Sales & Deliveries; ANDI ‘SuperVecino’ Links Grocers, Suppliers

Medellin Herald May 8, 2020

The Viva Malls subsidiary of Medellin-based Grupo Exito announced May 7 the launch of “Viva Online” (see: https://www.exito.com/viva-online) so that quarantine-bound customers can order dozens of commercial products — and then either pick them up at designated, virus-free mall sites or else have them safely home-delivered. “Viva Online will offer shopping experiences

Companies

EPM Confirms December 2021 Hidroituango Startup Target; September 2020 ‘CaribeMar’ Takeover

Medellin Herald May 7, 2020

EPM general manager Álvaro Guillermo Rendón López confirmed in a televised May 7 address that the company continues to aim for a December 2021 startup of its US$5 billion, 2.4-gigawatt Hidroituango hydroelectric plant in Antioquia. In his address, Rendón revealed that the Hidroituango project is now 77.8% complete, with COP$11 trillion (US$2.8 billion) already invested

Companies

Cementos Argos 1Q 2020 Net Income Drops 73% Year-on-Year

Medellin Herald May 6, 2020

The Coronavirus crisis continues to slam companies as Medellin-based cement/concrete multinational Cementos Argos reported May 6 that its first quarter (1Q) 2020 net income dropped 73% year-on-year, to COP$18 billion (US$4.6million). Corporate-wide cement sales dropped 6% year-on-year, while ready-mixed concrete sales declined 16% as a result of the crisis. Earnings before

Companies

Celsia 1Q 2020 Net Income Rises 38% Year-on-Year; Covid-19 Subsidies Expand

Medellin Herald May 6, 2020

Medellin-based electric power giant Celsia announced May 4 that first quarter (1Q) 2020 net income rose 38% year-on-year, to COP$86.7 billion (US$21.8 million). Consolidated revenues for the quarter rose 1% versus fourth-quarter 2020, to COP$928 billion (US$234 million). Colombia revenues represented 84% of the total, with Central America operations accounting for the