Coltejer, Fabricato Post Net Losses for Full-Year 2018 March 2019
Coltejer, Fabricato Post Net Losses for Full-Year 2018:Textile Contraband Boss Arrested
Medellin-based textile giant Coltejer revealed in a March 5, 2019 filing with Colombia’s Superfinanciera oversight agency that it suffered a COP$29 billion (US$9.3 million) net loss for full-year 2018, 17% worse than the COP$24.7 billion (US$7.9 million) net loss in 2017.
Sales also dropped 15% year-on-year, to COP$144 billion (US$46 million), compared to COP$169 billion (US$54 million) in 2017.
Operating plus non-operating income combined dipped 17% year-on-year, to COP$176 billion (US$56.7 million), according to the company.
The net loss for 2018 is “basically owed to financing costs and reduced sales,” according to the company.
Meanwhile, fellow Medellin-based textile giant Fabricato revealed March 5 in a separate, one-sentence filing with Superfinanciera that its full-year 2018 net loss hit COP$31.75 billion (US$10.2 million), worse than the COP$6.4 billion (US$2.2 million) net loss in 2017.
Colombia’s textile manufacturers have been suffering severe losses in recent years in part because of massive below-cost contraband textile imports, mainly from Asia.
Textile Contraband ‘Czar’ Arrested
On a related front, Colombia’s Attorney General announced March 5 the arrest of Salim Ricardo Yamhure Daccaret of Imetex Ltda. and his alleged associate René Romero Sánchez on charges of illegal textile imports and money-laundering, totaling at least COP$177 billion (US$57 million) in avoided taxes and duties.
According to the Attorney General, Yamhure Daccaret allegedly evaded taxes and duties on imports of more than 19,000 tons of fabrics from Panama, Hong Kong and China, followed by the fictitious export of 12,000 tons of textiles.
“The raw material entered under the appearance of legality via Colombia by the ports of Cartagena, Barranquilla and Buenaventura,” according to the Attorney General.
“But this material wasn’t processed into products that were reported as exported. On the contrary, it was found that the merchandise remained in the country and, apparently, was sold at very low prices,” according to the Attorney General.
“Imetex Ltda. reported operations generating income totaling US$57 million, supposedly covered with tariff exemptions and [exclusions from] value-added tax. So, it is estimated that the fraudulent scheme generated losses to the state of at least US$57 million,” according to the Attorney General.
“In 2015, Imetex Ltda. was fined for COP$47 billion [US$15 million] for breach of tax commitments. Yamhure Daccaret in an attempt to divert the attention of the authorities, changed the name of the company registered it as Prointexco,” according to the Attorney General.
