Colombian economy

Colombia GDP Grew at 2.2% Rate in 1Q 2018: DANE

Medellin Herald May 15, 2018

Colombia’s national statistics agency (Departamento Administrativo Nacional de Estadistica, DANE) announced May 15 that first quarter (1Q) gross domestic product (“PIB” in Spanish initials) grew by 2.2%, a big improvement over the 1.7% PIB growth in 1Q 2017. The finance/insurance sector topped

Companies

Medellin Software Startup ‘Alegra’ Wins ‘Endeavor’ Recognition; Expands Internationally

Medellin Herald May 14, 2018

Medellin-based software whiz-kids Jorge Soto and Santiago Villegas just won recognition in the prestigious “Endeavor Entrepreneurs” competition at Endeavor’s 79th “International Selection Panel” (ISP) in Louisville, Kentucky. Soto, the chief executive officer (CEO) of Medellin accounting software pioneer Alegra, and Villegas, the chief technology officer (CTO) of the

Companies

Gran Colombia Gold 1Q 2018 Profits Rise, but Mineros SA Earnings Decline

Medellin Herald May 12, 2018

Canada-based Gran Colombia Gold reported May 10 that profits from its first quarter (1Q) 2018 gold mining operations here in Antioquia rose to US$5.4 million, up from an $800,000 net loss in 1Q 2017. The company credited “higher gold sales volumes, realized gold prices and lower total cash costs per ounce” for the year-on-year profit […]

Companies

Conconcreto 1Q 2018 Net Income Drops Sharply; ‘Oriente’ Highway Feasibility Report Due in May

Medellin Herald May 9, 2018

Medellin-based construction giant Conconcreto reported May 9 that its first quarter (1Q) 2018 consolidated net income dropped 86% year-on-year, to COP$2 billion (US$698,000). Consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) also dropped by 36% year-on-year, to COP$33 billion (US$11.5 million). Colombia’s relatively weak economic growth,

Companies

ISA 1Q 2018 Net Income Jumps 24% Year-on-Year

Medellin Herald May 9, 2018

Medellin-based international electric-power transmitter and highway concessionaire ISA announced May 9 that its first quarter (1Q) 2018 net income rose 24% year-on-year, to COP$297 billion (US$103 million). Gross revenues climbed 3.6% year-on-year, to COP$1.6 trillion (US$558 million), while earnings before interest, taxes, depreciation and amortization (EBITDA) rose 12%

Companies

Fabricato Posts 1Q 2018 Net Loss, But Sees Improvements Coming

Medellin Herald May 7, 2018

Medellin-based textile giant Fabricato announced May 1 that it posted a COP$11.6 billion (US$4.1 million) net loss for first quarter (1Q) 2018, 13% worse than the COP$10 billion (US$3.5 million) net loss in 1Q 2017. Sales also dipped 13.6% year-on-year, while earnings before interest, taxes, depreciation and amortization (EBITDA) dropped 45% year-on-year, to COP$1.8

Colombian economy

IMF Sees 2.7% GDP Growth in Colombia This Year

Medellin Herald April 30, 2018

The International Monetary Fund (IMF) on April 30 announced that it foresees 2.7% growth in Colombia’s gross domestic product (GDP) this year. In its latest annual “executive board” report (see: http://www.imf.org/en/News/Articles/2018/04/30/pr18154-imf-executive-board-concludes-2018-article-iv-consultation-with-colombia?cid=em-COM-123-36986), IMF found that during

Companies

Nutresa 1Q 2018 Profits Dip Year-on-Year, but Sales Rise

Medellin Herald April 27, 2018

Medellin-based multinational foods giant Grupo Nutresa announced April 27 that its first quarter (1Q) 2018 net profits fell 13.1% year-on-year, to COP$121 billion (US$43 million). The profit dip “is mainly explained by not accounting a portion of the dividends from our investment portfolio during the period, COP$26 billion [US$9.3 million], which will be registered during

Colombian economy

Energy Demand in Colombia, Antioquia Rising Year-on-Year

Medellin Herald April 18, 2018

Medellin-based national electric-power grid operator and power-trading center XM announced April 17 that power demand in Colombia is up 3% year-on-year through first-quarter (1Q) 2018, compared to a 1.8% net year-on-year decline in 1Q 2017. Over the last 12 months through March 2018, Colombian power demand is up 2.5%, whereas power demand actually fell 1.5% […]

Companies

Gran Colombia Gold 2017 Profits Rise, Red Eagle Mining Expands

Medellin Herald April 2, 2018

Canada-based multinationals Gran Colombia Gold (GCC) and Red Eagle Mining (REM) in late March both reported progress in their gold mining operations here in Antioquia during 2017. For GCC, adjusted net income for fourth quarter (4Q) 2017 nearly tripled, to US$9.1 million, from US$3.4 million in 4Q 2016. Similarly, for full-year 2017, GCC’s adjusted net […]