Construcciones El Condor Sees 3Q 2017 Profits Soar, but Conconcreto Net Falls

Medellin-based construction giant Construcciones El Condor reported November 14 that its third quarter (3Q) 2017 net income nearly doubled year-on-year, to COP$15 billion (US$4.9 million), from COP$8 billion (US$2.6 million) in 3Q 2016.

Operating income also jumped in the latest quarter, to COP$262 billion (US$87 million), from COP$163 billion (US$54 million) in 3Q 2016. The company credited gains from the sale of its interest in the Opain airport concessionaire to Grupo Argos for part of the improved results.

Conconcreto Results Dip

Meanwhile, Medellin-based highway construction specialist Conconcreto reported November 15 that its 3Q 2017 net income fell 46.6% year-on-year, to COP$33 billion (US$10.9 million), while earnings before interest, taxes, depreciation and amortization (EBITDA) fell 18.9%, to COP$127 billion (US$42 million).

The downturn for Conconcreto reflected slower growth in the Colombian economy this year, resulting in construction slowdowns, according to the company.

Meanwhile, Conconcreto reported a construction order backlog with a total value of COP$2.59 trillion (US$859 million), equivalent to 2.4-years of work.