Fabricato 1Q 2021 Net Loss an Improvement over 1Q 2020
Medellin-based textile giant Fabricato revealed May 5 in a filing with Colombia’s Superfinanciera oversight agency that it posted a COP$2.27 billion (US$598,000) net loss for first quarter (1Q) 2021, an improvement over the COP$9 billion (US$2.37 million) net loss in 1Q 2020.
Earnings before interest, taxes, depreciation and amortization (EBITDA) in its main textile business improved to COP$7.8 billion (US$2.05), up 640% year-on-year.
Fabricato credited the 1Q 2021 EBITDA improvement partly to a 12% rise in raw fabric sales, a 28% jump in sales of denim, poplin and drills, and a 95% jump in its fashion-segment sales. Sales of fabrics with recovered yarns rose 17% versus 2020 and 7% versus 2019.
As for its electronic-commerce sales, “sales of ‘Work Wear’ garments [as measured in pesos] grew by 12,259% versus 2020 and by 143% versus 2019,” according to Fabricato.
As for Fabricato’s. real-estate development division, “The Plaza Fabricato shopping center [in Bello, Antioquia] presents 84% progress, in-line with the promoters’ schedules,” according to the company.
Meanwhile, its “VIP” housing project in Ibagué “is 98% sold, with only four apartments left to be sold,” according to the company.
“Stage 1 of the Tope VIS project is being commercialized, consisting of four towers with a total of 264 real-estate units. At the end of March there are seven apartments optioned and 139 separated [for future purchase]. This shows a positive trend in the city’s real estate market.”
As for the Fabricato Industrial Park (Riotex) in Rionegro, Antioquia, “we ended March with 75% of the available area leased. The expected annual income from leases and services is COP$9.7 billion [US$2.55 million] with an occupied area of 85%,” according to the company.