Construcciones El Condor Sees 1Q 2018 Profits Drop 86% Year-on-Year
Medellin-based highway and buildings construction specialist Construcciones El Condor announced this month that its first quarter (1Q) 2018 net profits plunged 86% year-on-year, to COP$17.3 billion (US$5.9 million), down from COP$124 billion (US$43 million) in 1Q 2017.
Earnings before interest, taxes, depreciation and amortization (EBITDA) likewise fell sharply, to COP$34 billion (US$11.7 million), from COP$165 billion (US$57 million) in 1Q 2017.
However, construction EBITDA improved year-on-year, from COP$34 billion (US$11.7 million) in 1Q 2018 versus COP$13.7 billion (US$4.7 million) in 1Q 2017. Gross income likewise improved by 15.3% year-on-year, to COP$269.7 billion (US$93 million), up from COP$234 billion (US$81 million) in 1Q 2017.
Construction backlog is now equivalent to three years of contracts – although dipping year-on-year by COP$198 billion (US$68 million) in 1Q 2018, to COP$2.2 trillion (US$761 million), the company explained.
El Condor continues to make progress on key projects including the “Concession La Pintada” in Antioquia, now 38% complete, including the “Mulatos” tunnel and pilings for the new bridge crossing the Cauca river at the town of La Pintada.
Likewise, the “Tunel del Oriente” tunnels linking Medellin to the Jose Maria Cordoba international aiport at Rionegro are now more than 77% complete, with El Condor having invested more than COP$519 billion (US$179 million) in the project to-date, according to the company.
