Grupo Orbis Trims Net Loss in 1Q 2020 versus 1Q 2019
Medellin-based Grupo Orbis – owner of “Pintuco” paints, “Andercol” packaging products, “O-Tek” water treatments and “Mundial” hardware products – revealed in a May 15 filing with Colombia’s Superfinanciera oversight agency that it posted a COP$2.28 billion (US$582,000) net loss for first quarter (1Q) 2020.
That was a 32% improvement over the COP$3.34 billion (US$853,000) net loss in 1Q 2019, according to the company.
Earnings before interest, taxes, depreciation and amortization (EBITDA) rose 7% year-on-year, to a positive COP$21.9 billion (US$5.6 million), according to the company.
“The first quarter of 2020 began with a positive dynamic for the Orbis Group,” according to the company, citing reduction of financial debt and smaller losses.
“Although the Group’s operations and sales were significantly affected in the last fifteen days of March by virtue of the measures adopted by governments to contain the impact of Covid-19, including preventive isolation and total closings. or partial closings of the production plants, as a Group we were focused on designing a strategy focused on the protection of life, health and well-being of all our stakeholders, optimization of existing capacities, profitability of recently made investments and the decrease in financial debt.
“To date, the impact and consequences that may be generated by the pandemic are uncertain and will largely depend on the extent and evolution of the contingency in the coming months.
“However, thanks to the level of diversification of the economic sectors in which the Group has a presence, the variety of goods and services offered, of which some participate in the chain of those declared ‘essential,’ we sit on strong foundations to combat uncertainty and continue to respond in a timely and effective manner to the emerging risks derived from the current situation.”
Orbis does business in 15 Latin American countries, while its popular “Pintuco” paint manufacturing and supply network operates in 11 countries: Colombia, Ecuador, Venezuela, Curaçao, Aruba, Costa Rica, Panama, Honduras, El Salvador, Guatemala and Nicaragua.