Companies

EPM, Construction Contractors in Conciliation on US$2.6 Billion Losses from Hidroituango Tunnel Collapse in 2018

Medellin Herald August 11, 2020

Medellin-based electric power giant EPM announced August 10 a new conciliation process with the “Hidroituango” design and construction contractors to resolve an estimated US$2.6 billion in losses resulting from a diversion tunnel collapse at the hydroelectric dam project two years ago. The

Companies

Mineros SA 2Q 2020 Profits Nearly Triple Year-on-Year

Medellin Herald August 11, 2020

Medellin-based multinational gold mining giant Mineros SA on August 10 reported a US$6.7 million net profit for second quarter (2Q) 2020, up from US$2.4 million in 2Q 2019. Earnings before interest, taxes, depreciation and amortization (EBITDA) jumped 82% year-on-year, to US$52.8 million, with EBITDA margin hitting 34%. Revenues likewise rose by 35% year-on-year, to US$126

Companies

Celsia 2Q 2020 Net Profit More Than Doubles Year-on-Year

Medellin Herald August 11, 2020

Medellin-based electric power giant Celsia announced August 10 that its second quarter (2Q) 2020 net profit soared to COP$96.6 billion (US$25.8 million), from COP$43 billion (US$11.5 million) in 2Q 2019. As for first-half (1H) 2020, consolidated net profit hit COP$183 billion (US$48.9 million), up sharply from COP$96.8 billion (US$25.8 million) in 1H 2019. While profits

Companies

Conconcreto 2Q 2020 Profits Fall 61% Year-on-Year on Covid Slowdown

Medellin Herald August 7, 2020

Medellin-based highway, dam and buildings construction giant Constructora Conconcreto announced August 6 that its second quarter (2Q) 2020 net income fell 61% year-on-year, to COP$22 billion (US$5.87 million), from COP$57 billion (US$15 million) in 2Q 2019. Ordinary income likewise fell 37% year-on-year, to COP$264 billion (US$70.5 million), while earnings before interest,

Companies

Bancolombia Posts US$19 Million Net Loss for 2Q 2020 on Covid-19 Downturn

Medellin Herald August 6, 2020

Medellin-based multinational banking giant Bancolombia on August 5 posted a second quarter (2Q) 2020 net loss of COP$73 billion (US$19 million), a huge reversal from a COP$936 billion (US$249 million) net profit in 2Q 2019. “The current situation associated with Covid-19 has caused uncertainty and business disruption globally, therefore significant impacts are anticipated

Companies

ISA 2Q 2020 Net Income Jumps 25% Year-on-Year

Medellin Herald August 6, 2020

Medellin-based multinational electric-power transmission, highways concessions and telecom infrastructure provider ISA on August 5 reported a 25% year-on-year hike in second quarter (2Q) 2020 net income, to COP$550 billion (US$147 million). Operating revenues rose 32%, to COP$2.28 trillion US$609 million), while total earnings before interest, taxes, depreciation and

Companies

Cementos Argos 2Q 2020 Profits Drop 79% Year-on-Year on Covid Crisis

Medellin Herald August 6, 2020

Medellin-based multinational cement/concrete giant Cementos Argos reported August 6 that its second quarter (2Q) 2020 net profits dropped 79% year-on-year, to COP$12 billion (US$3.2 million). Revenues likewise declined by 9%, to COP$2.1 trillion (US$555 million), while adjusted earnings before interest, taxes, depreciation and amortization fell 6.4%, to COP$414 billion

Companies

Nutresa 2Q 2020 Net Profit Rises 8% Year-on-Year

Medellin Herald August 1, 2020

Medellin-based multinational foods manufacturing giant Grupo Nutresa on July 31 reported an 8% year-on-year rise in second quarter (2Q) 2020 profits, hitting COP$140 billion (US$37.5 million). Gross revenues in the latest quarter rose 9%, to COP$2.66 trillion (US$713 million), versus COP$2.4 trillion (US$643 million) in 2Q 2019. As for first-half (1H) 2020, Nutresa net

Companies

Fabricato 2Q 2020 Sales Plummet 51% on Covid-19 Crisis, but Net Loss Trimmed

Medellin Herald August 1, 2020

Medellin-based textile giant Fabricato on July 31 reported a 51.2% decline in sales for second quarter (2020) because of the Covid-19 health crisis. Despite sales falling to COP$42.4 billion (US$11.3 million) in 2Q 2020, net loss came-in at COP$10.4 billion (US$2.78 million), an improvement over the COP$12.7 billion (US$3.4 million) net loss in 2Q 2019. […]

Companies

EPM First-Half 2020 Net Income Falls 45% Year-on-Year; Hidroituango Project Cost Estimate Rises Nearly 6%

Medellin Herald July 29, 2020

Medellin-based multinational utilities giant EPM announced July 28 that its first half (1H) 2020 net income fell 45% year-on-year, to COP$717 billion (US$192 million). “In the first half of 2020 — globally impacted by the coronavirus pandemic (Covid-19), which has implied significant financial challenges for the organization — the EPM Group’s revenues amounted