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

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 […]

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 […]

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, the Colombian government has been spending billions […]

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