Colombia's Cementos Argos net profit up 58.8 pct in 2014

miércoles 25 de febrero de 2015 09:46 GYT

BOGOTA Feb 25 (Reuters) - Net profit at Cementos Argos, Colombia's biggest cement maker, soared 58.8 percent in 2014 compared with the year before, due to an increase in sales locally and in the United States, as well as cost reduction, the company said on Wednesday.

Profit was up to 291 billion pesos ($145 million), compared with the 183 billion registered in 2013, Cementos Argos said in a filing to Colombia's financial regulator.

Operating income at the company, a subsidiary of Grupo Argos , was up 16.8 percent to 5.8 trillion pesos ($2.9 billion), while earnings before interest, taxes, depreciation and amortization were up 8.4 percent to 1.06 trillion pesos ($534 million).

Sales of cement were up 8 percent last year to 12.5 million tonnes, while concrete jumped 18 percent to 11 million cubic meters.

The company, which produces both cement and concrete, operates in Colombia, the United States, Central America and the Caribbean. (Reporting by Nelson Bocanegra and Julia Symmes Cobb; Editing by Alden Bentley)