Colombian economy

Fitch: Colombia’s 2021 Post-Crisis Recovery Hobbled by Weak Tax Revenues; Bancolombia Analyzes Current Situation

Medellin Herald May 15, 2020

Wall Street bond rater Fitch Ratings on May 14 unveiled a report finding that Colombia will struggle to fill a fiscal hole next year because of economic damage and revenue losses in the Coronavirus crisis — along with continuing pressures to boost social spending. In the current crisis,

Colombian economy

Colombia GDP Grows Just 1.1% in 1Q 2020 as Covid-19 Crisis Starts to Hurt

Medellin Herald May 15, 2020

Colombia’s economic statistics agency (Departamento Administrativo Nacional de Estadística, DANE) announced May 15 that the Covid-19 crisis — bursting on the scene in the latter part of first quarter (1Q) 2020 — took a big bite out of gross domestic product (“PIB” in Spanish initials). As a result, Colombia PIB grew by just 1.1% in […]

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

Colombian economy

Colombia Now Subsidizing Employee Payrolls & Tax Payments; Medellin Chamber of Commerce Highlights Recovery Challenges

Medellin Herald May 7, 2020

In yet another effort to shore-up Coronavirus-crisis business liquidity, President Ivan Duque and Finance Minister Alberto Carrasquilla unveiled May 6 two new programs for payroll subsidies as well as income-tax-payment deadline delays. Under the latest “declaration of economic emergency,” all employees of micro, small, medium and large companies here that have suffered