Companies

Grupo Orbis Trims Net Loss in 1Q 2020 versus 1Q 2019

Medellin Herald May 17, 2020

Medellin-based Grupo Orbis – owner of “Pintuco” paints, “Andercol” packaging products, “O-Tek” water treatments and “Mundial” hardware products – revealed in a May 15 filing with Colombia’s Superfinanciera oversight agency that it posted a COP$2.28 billion (US$582,000) net loss for first

Companies

Enka Colombia 1Q 2020 Net Income Improves, but 2Q Outlook Dims

Medellin Herald May 16, 2020

Medellin-based textile and plastics-recycling specialist Enka Colombia revealed in a May 15 filing with Colombia’s Superfinanciera oversight agency that its first quarter (1Q) 2020 net income jumped to a positive COP$1.73 billion (US$443,000), up from a net loss of COP$3 billion (US$767,000) in 1Q 2019. Earnings before interest, taxes, depreciation and amortization

Companies

Gran Colombia Gold 1Q 2020 Profits Jump Year-on-Year; Antioquia Mining Rebounds

Medellin Herald May 16, 2020

Toronto-based Gran Colombia Gold — Antioquia’s biggest gold miner — announced May 15 that its first quarter (1Q) 2020 adjusted net income soared to US$21.2 million, up from US$7.9 million in 1Q 2019. The company – whose principal mining operations are in Segovia, Antioquia – credited the profits improvement to “revenue growth resulting from higher […]

Companies

Grupo Argos 1Q 2020 Profits Plummet Year-on-Year

Medellin Herald May 15, 2020

Stung by the Coronavirus crisis, Medellin-based electric power, cement and airport/highways concessionaire Grupo Argos announced May 14 that its first quarter (1Q) 2020 net income plunged to COP$26 billion (US$6.6 million), down from COP$953 billion (US$243 million) in 1Q 2019. Consolidated revenues for 1Q 2020 dipped 3% year-on-year, to COP$3.6 trillion (US$919 million).

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 company cited a “challenging environment that has forced companies […]

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