Construcciones El Condor Posts 1Q 2024 Net Loss, But Smaller Than 1Q 2023
Medellin-based highway construction giant Construcciones El Condor announced a COP$12.5 billion (US$3.2 million) net loss for first quarter (1Q) 2024 — an improvement over the COP$31.6 billion (US$8.1 million) net loss in 1Q 2023.
Revenues from ordinary activities for 1Q 2024 rose 38% year-on-year, to COP$303.7 billion (US$101 million) while earnings before interest, taxes, depreciation and amortization (EBITDA) soared by 357%, to COP$57 billion (US$14.6 million), according to the company.
The revenue boost came from an “increase in billings for the construction contracts of the Magdalena 2 and Ruta al Sur projects,” according to El Condor.
Operating costs rose 10% year-on-year, to COP$245 billion (US$63 million), but gross profits soared to COP$58.5 billion, up from a net loss of COP$3.3 billion (US$849,000) in 1Q 2023.
The improved result in gross profit “is mainly due to the profits contributed with the execution of San Agustín Zona Norte and Zona Sur (Route to the South), and the beginning of the massive placement of asphalt mix in the Madalena 2 project,” according to El Condor.
Total assets for 1Q 2024 amounted to COP$2.45 trillion (US$630 million), while total liabilities closed at COP$1.735 trillion (US$446 million), of which current liabilities were 81% and non-current the remaining 19%.
“The high proportion of current liabilities over total liabilities is due to the maturity period of the structured credit of the investment business, which is less than one year (May 2024),” according to El Condor.
“However, the source of payment [for current liabilities] is the sale of our participation in the Pacífico 3 Concession, which was classified in the short term as an asset held for sale. The company’s alternative plan to this divestment is the closing of the reprofiling of our long-term debts, which is expected to be completed during May 2024,” the company added.
