Coltejer Posts US$7.2 Million Net Loss for Full-Year 2019
Medellin-based textile giant Coltejer on January 29 revealed in a filing with Colombia’s corporate oversight agency Superfinanciera that it suffered a full-year 2019 net loss of COP$24.9 billion (US$7.2 million), a small improvement over the COP$28.9 billion (US$8.5 million) net loss in 2018.
Sales also dipped slightly, to COP$141.9 billion (US$41.7 million ) in 2019 versus COP$144 billion (US$42 million) in 2018, while total corporate-wide income dipped to COP$172 billion (US$50 million) versus COP$176 billion (US$51.7 million) in 2018.
However, operating income improved to COP$13 billion (US$3.8 million) compared to COP$6.8 billion (US$2 million ) in 2018.
Coltejer and other major textile producers in Colombia have been suffering losses mainly because of contraband textile and clothing imports, which Colombian police recently estimated at US$3 billion last year.
In a related note, Coltejer stated that its annual shareholders meeting will be held February 20, 2020, at company headquarters.