Construcciones El Condor Posts Net Loss for 1Q 2025
Medellin-based highway construction giant Construcciones El Condor on May 14 posted a COP$35.5 billion (US$8.4 million) net loss for first quarter (1Q) 2025 – nearly three times worse than the COP$12.5 billion (US$3.2 million) net loss for 1Q 2024.
Revenue from ordinary activities during 1Q 2025 fell 11% year-on-year, to COP$270 billion (US$64 million), while earnings before interest, taxes, depreciation and amortization (EBITDA) fell to COP$37 billion (US$8.77 million), from COP$57 billion (US$14.6 million) in 1Q 2024.
EBITDA margin likewise dipped to 13.8%, down from 18.7% in 1Q 2024.
The 1Q 2025 revenue decline “is associated with the decrease in billings for construction contracts for the Magdalena 2 project, which is already in its completion phase; the Toyo Tunnel project, which is in its reactivation phase after the [government highway agency] INVIAS contract was transferred to the Antioquia Governor’s Office; and the Mocoa project, which had been suspended since December pending the allocation of a budget from the National Government for its reactivation,” according to El Condor.
Operating costs during 1Q 2025 rose 5% year-on-year, but administrative expenses fell 28% year-on-year, according to the company.
Interest expense also decreased by 11% year-on.year, “due to a 3.61% decrease in debt and lower interest rates resulting from decisions by the Central Bank of the Republic,” according to El Condor.
