September 25, 2023

Coltejer Posts Huge Financial Declines for Full-Year 2021

Medellin-based historical textile giant Coltejer revealed in a March 8 filing with Colombia’s Superfinanciera financial oversight agency that its full-year 2021 net loss grew to a negative COP$121 billion (US$32 million), compared to a net loss of COP$94 billion (US$25 million) in 2020.

Sales plummeted to COP$16.9 billion (US$4.5 million) in 2021, versus COP$74.8 billion (US$20 million) in 2020, according to the company.

Gross corporate-wide revenues also fell by nearly half, to COP$55 billion (US$14.7 million) versus COP$104 billion (US$28 million) in 2020.

The company shuttered all textile production last September (see Medellin Herald 09/10/2021) as it had been unable to overcome the combined impacts of the prior Covid-19 global crisis along with textile imports contraband, including below-cost competition from China.

Earlier last year, Coltejer reported net losses in second-quarter 2021 (see Medellin Herald 08/18/2021); shuttered its non-woven fibers production in July (see Medellin Herald 07/16/2021); and had announced closure of its historic, foundational factory in the Medellin suburb of Itagüí at the end of 2020 (see Medellin Herald 12/18/2020).

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