Enka 1H 2017 Profits Fall Year-on-Year; Coltejer Losses Mount
Medellin-based Enka de Colombia – producer of fibers and filaments including nylon and polyester – this month reported that its first-half (1H) 2017 net profits fell to COP$1.9 billion (US$641,000), down sharply from COP$9.3 billion (US$3 million ) in 1H 2016.
Sales also dropped year-on-year, to COP$84.8 billion (US$28.6 million) in 1H 2017, versus COP$92.5 billion (US$31 million) in 1H 2016.
The Enka plant, in the Medellin suburb of Girardota, also recycles PET plastic for tire manufacturers, plastics producers and textile producers.
Coltejer Losses Nearly Double
Meanwhile, Medellin-based textile manufacturer Coltejer this month reported that its 1H 2017 losses rose to COP$21.6 billion (US$7.3 million), compared to a COP$11.6 billion (US$3.9 million) loss in 1H 2017.
Sales also dropped sharply, to COP$72.8 billion (US$24.6 million), versus COP$122.8 billion (US$41 million) in 1H 2016.
Mexico-based Grupo Kaltex is the majority (82%) share owner of Coltejer.
Colombian textile producers have been complaining of a loss of sales this year due to continuing contraband clothing imports, a slowdown in the Colombian economy and a hike in value-added tax, which penalizes retail sales.