Industrias Estra 2021 Net Loss Blamed on Feedstock Cost Inflation, National Strike
Medellin-based industrial/consumer plastics-ware producer Industrias Estra announced March 24 a net loss of COP$1.96 billion (US$516,000) for full-year 2021, worse than the COP$1.4 billion (US$369,000) net loss in 2020.
Gross revenues however actually rose year-on-year, to COP$86 billion (US$22.7 million), from COP$70 billion (US$18 million) in 2020, according to the company.
Earnings before interest, taxes, depreciation and amortization (EBITDA) fell to COP$7.98 billion (US$2.1 million), from COP$8.5 billion (US$2.24 million) in 2020.
“For the plastics sector in Colombia, it has been a complex time with significant increases in plastic resins, along with risk situations in the supply of certain materials, products and equipment,” according to the company, which cited global price hikes for raw materials and for shipping containers, compounded by logistics problems arising from Colombia’s violent national strike in April 2021.
“According to the projections and analyzes made by Acoplásticos, the situation of prices and international markets is expected to normalize, although we cannot expect a drastic drop in prices in the short term,” the company added.
Meanwhile, “operating income through product innovation due to updating and modernizing the commercial portfolio reached a growth of 54% between 2021 and 2020, reaching a sales figure of COP$21.6 billion [US$5.7 million], equivalent to a 24.7% share of total income,” according to Estra.
“We are coming-out from 2021, a more difficult year than 2020, but we continue aiming at business growth via the pathways defined in our 2022-2026 strategic plan: new products, new steps in the value chain, new geographies, new customers, new channels and new businesses,” the company added.