Companies

Fabricato Sees 3Q 2017 Net Loss Grow Year-on-Year; Cites Tax, Import Issues

Medellin Herald November 1, 2017

Medellin-based textile giant Fabricato announced October 31 that its third quarter (3Q) 2017 net loss hit COP$19 billion (US$6.2 million), down from a COP$755 million (US$248,000) net profit in 3Q 2016. Sales in 3Q 2017 also fell 23.5% year-on-year, to COP$85 billion (US$28 million), while

Companies

EPM Successfully Places US$764 Million Bond Offering

Medellin Herald November 1, 2017

Medellin-based multinational utilities giant EPM announced October 31 that it successfully placed a COP$2.3 billion (US$764 million) 10-year bond offering at 8.375% interest. “This is the third international issue denominated in Colombian pesos,” according to the company. Wall Street bond rater Fitch gave the issue a “BBB+” rating while Moody’s gave it a “Baa2”

Companies

Bancolombia 3Q 2017 Net Profit Dips 1% Year-on-Year; 2.5% GDP Growth Seen in 2018

Medellin Herald October 28, 2017

Medellin-based banking giant Bancolombia – Colombia’s biggest bank and now a growing multinational – reported October 26 that its third quarter (3Q) 2017 net profit dipped 1% year-on-year, to COP$1.7 trillion (US$564 million). However, Bancolombia’s gross portfolio grew 6.5% year-on-year to COP$158 trillion (US$52 billion), of which 25% corresponds to its international

Companies

PharmaCielo Wins 1st ‘Unrestricted’ Colombia License for Medical Marijuana

Medellin Herald October 24, 2017

Toronto, Canada-based PharmaCielo announced October 24 that it has become Colombia’s first medical-marijuana producer to win a license to cultivate cannabis with “unrestricted” percentages of tetrahydrocannabinol (THC) and cannabidiol (CBD) alike. As a result, PharmaCielo becomes “the world’s largest licensed producer,” according to the company, which has its marijuana

Companies

USAID, European Buyers Team-up on ‘Better Gold Initiative’

Medellin Herald October 18, 2017

The U.S. Agency for International Development (USAID) announced October 18 that it’s teaming-up with European-based gold buyers to promote environmentally, economically and socially responsible gold mining in Antioquia specifically and Colombia generally. Noting that gold production in Colombia is up year-on-year — and development projects underway are expected to

Companies

Avianca Hails Court Decision Declaring ACDAC Pilots’ Strike Illegal

Medellin Herald October 7, 2017

Avianca – Colombia’s biggest airline – hailed an October 6 decision by a District Court Tribunal in Bogota declaring a strike by some 700 pilots belonging to the Asociacion Colombiana de Aviadores Civiles (ACDAC) labor-union as illegal. ACDAC– the smaller of two unions representing Avianca pilots — represents a tiny fraction of the more than […]

Companies

USAID, Mineros SA Boost Beekeeping Project to Convert Irregular Miners to Legitimate Business

Medellin Herald September 20, 2017

The U.S. Agency for International Development (USAID) and Medellin-based gold-mining giant Mineros SA jointly announced September 20 that they’re boosting funds and technical aid to formerly artisanal or illegal miners in the Bajo Cauca region of Antioquia. “The productive and commercial capacity of beekeepers of Bajo Cauca will be strengthened thanks to the agreement

Companies

Gran Colombia Gold Hails Strike Settlement; Continental Gold Launches Ag Aid

Medellin Herald September 5, 2017

Toronto, Canada-based Gran Colombia Gold announced September 5 that a violent strike by illegal gold miners in the Antioquian municipalities of Segovia and Remedios is finally over – benefitting more than 2,500 legal miners affiliated with the company. The 42-days-long strike resulted in several deaths, widespread vandalism and economic suffering for thousands of residents

Companies

Orbis Trims Net Losses for 2Q 2017 Year-on-Year

Medellin Herald August 24, 2017

Medellin-based paints, chemicals, hardware supplies and pipe manufacturer Grupo Orbis this month posted a second-quarter 2017 net loss of COP$1.5 billion (US$504,000), an improvement over the COP$11 billion (US$3.7 million) net loss in 2Q 2017. Sales improved slightly in 2Q 2017 to COP$369 billion (US$124 million), versus COP$366.9 billion (US$123 million) in 2Q 2016,

Companies

Familia SA 2Q 2017 Profits Soar Year-on-Year

Medellin Herald August 24, 2017

Medellin-based multinational personal hygiene products manufacturer Familia SA announced this month that its second quarter (2Q) 2017 net profits soared to COP$51 billion (US$17 million), up from a COP$51 billion (US$17 million) net loss in 2Q 2016. Sales also rose in 2Q 2017, to COP$583 billion (US$196 million), versus COP$570 billion (US$191 million) in 2Q […]