July 12, 2024
Business Companies

Coltejer Posts Full-Year 2023 Net Loss, Slightly Better Than 2022 Losses

Medellin-based textile specialist Coltejer – for nearly a century an industrial giant, but now a shadow of its former self, with all its local factories shut-down – announced March 22 a full-year 2023 net loss of COP$984 million (US$253,000), a slight improvement over the COP$1.37 billion (US$352,000) net loss in 2022.

Revenues in 2023 improved year-on-year, hitting COP$5.76 billion (US$1.48 million), from COP$3.3 billion (US$847,000) in 2022, according to the company.

“Over the course of the year 2023, we maintained suspension of textile production,” the company noted.

“Nevertheless, during the year we explored possibilities of reactivation via strategic alliances — but without any success, in part because of uncertainties about tax and labor reforms, and because of the weakness of the Colombian textile sector confronting external competition.

“Nevertheless, for the year 2024, we continue with our efforts to seek options that would permit the company to utilize our installed machinery as well as our strong brand reputation in the country.

“In spite of everything, we maintain a reasonable expectation of reliance upon our limited resources to confront future challenges and comply with our legal and contractual obligations.

“In line with our perspective of continuity, the company has opted not to liquidate nor dissolve itself, continuing our diverse activities aimed a prolonging our existence,” according to Coltejer.

Those survival activities include renting warehouse space at Coltejer’s shuttered factory in the Medellin suburb of Itagui, as well as possible sale of that property, the company added.

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