May 19, 2024

Coltejer Piles Up Another Yearly Loss; Assets for Sale

Medellin-based Coltejer – formerly a giant in Colombia’s multinational textile industry – on March 8 posted a COP$137 billion (US$28.8 million) net loss for full-year 2022, compared to a net loss of COP$121 billion (US$25.5 million) in 2021.

Sales likewise declined to a measly COP$3.1 billion (US$653,000) compared to COP$16.9 billion (US$3.56 million) in 2021.

Coltejer’s total income (including rental properties) fell to COP$40.37 billion (US$8.5 million) in 2022, versus $55 billion (US$11.6 million) in 2021.

Operating losses also worsened in 2022, at COP$80.3 billion (US$16.9 million), versus COP$76.8 billion (US$16 million) in 2021.

The company has shuttered all textile production since 2021, but continues to offer industrial properties for sale or lease in the Medellin suburb of Itaguí.

Meanwhile, the company announced that it is considering a proposed delisting of all its remaining shares traded on the Colombian Stock Exchange (BVC).

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