Colombian economy

Medellin Unemployment Rate Hits 21.6% on Covid-19 Crisis; IMF Sees Rebound in 2021

Medellin Herald June 30, 2020

Colombia’s national economic statistics agency (DANE) announced June 30 that the Covid-19 crisis — now starting its fifth month — predictably has caused massive unemployment nationally as well as locally as a result of quarantines and strict biosafety controls. According to the

Companies

Nine Medellin Companies Among Colombia’s Top-25 Social Investment Leaders

Medellin Herald June 25, 2020

The U.S. Agency for International Development (USAID), Semana Sustainability magazine and project-development consultant Jaime Arteaga & Asociados jointly announced June 25 results of a prestigious nationwide competition to determine Colombia’s top social-investment leaders. Medellin-based companies took nine of the top-25 spots in the “Indice de Inversion Social

Real Estate

Colombia to Debut Reverse-Mortgage Regulations in 2nd-Half 2020

Medellin Herald June 12, 2020

Colombia President Ivan Duque and Colombia Housing Minister Jonathan Malagón jointly announced June 12 in a nationally televised address that reverse mortgages will become legal here following regulations scheduled for publication in second-half 2020. While reverse mortgages are common in North America and elsewhere – mainly enabling retired persons to generate an

Companies

Coronavirus Outbreak to Delay Hidroituango Start-up to 2022: EPM

Medellin Herald June 12, 2020

Medellin-based electric power giant EPM revealed June 11 in a filing with Colombia’s Superfinanciera oversight agency that its US$5 billion, 2.4-gigawatt “Hidroituango” hydroelectric plant in Antioquia won’t start-up until 2022. The company had been planning for a December 2021 start-up of the first four turbine units. But the Covid-19 outbreak that is idling hundreds of

Companies

Conconcreto 1Q 2020 Profits Fall 34% Year-on-Year

Medellin Herald May 27, 2020

Medellin-based construction giant Constructora Conconcreto revealed in a May 26 filing with Colombia’s Superfinanciera oversight agency that its first quarter (1Q) 2020 net income fell 34% year-on-year, to COP$20 billion (US$5.3 million). Earnings before interest, taxes, depreciation and amortization (EBITDA) also fell 16% year-on-year, to COP$44.7 billion (US$11.9

Companies

Latam Joins Avianca in Chapter 11 Bankruptcy

Medellin Herald May 26, 2020

Chile-based Latam Airlines – second only to bankrupt Avianca in Colombian air transport dominance — announced May 26 that it filed for Chapter 11 bankruptcy in U.S. federal court. The Covid-19 crisis – banning most air traffic — forced Latam to absorb impossible losses, the company noted. For example: Colombia has banned all regular passenger […]

Companies

Peso Depreciation Against U.S. Dollar Causes EPM to Post 1Q 2020 Net Loss

Medellin Herald May 23, 2020

Medellin-based multinational utilities giant EPM on May 22 posted a COP$276 billion (US$73 million) net loss for first quarter (1Q) 2020 –solely because its debt accounting is in U.S. dollars, rather than in sharply-depreciating Colombian pesos. “Due to accounting standards and due to the depreciation of the Colombian peso, understanding the debt that the company

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 quarter (1Q) 2020. That was a 32% improvement over the COP$3.34 billion (US$853,000)

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 […]