Colombia's Grupo Argos net profit falls 48.8 pct in first half
BOGOTA, Sept 1 (Reuters) - Net profit at Colombian holding company Grupo Argos SA fell 48.8 percent in the first half of the year compared with the same period in 2014, the company said, citing higher taxes and the implementation of international accounting standards.
Grupo Argos reported net profit of 293 billion pesos ($113 million) between January and June, just under half of the 573.2 billion recorded during the same period last year.
"Profit was affected by the 105 billion pesos paid in taxes and by the consolidation of the company's participation in International Financial Reporting Standards (IFRS)," Grupo Argos said in a statement to Colombia's financial regulator late on Monday.
IFRS went into effect for Colombian companies this year.
Consolidated income was up 14 percent to 5.5 trillion pesos in the first half of the year, due to healthy returns by subsidiary Cementos Argos and increased activity at the company's ports.
Cementos Argos said last week that its net profit for the first six months of 2015 was up 81 percent compared with the year before.
Grupo Argos's earnings before interest, tax, depreciation and amortization were down 6 percent to 1.4 trillion pesos, because of an uptick in costs in the conglomerate's energy generation business.
Grupo Argos will hold a conference call with investors later on Tuesday. (Reporting by Nelson Bocanegra; Writing by Julia Symmes Cobb; Editing by Jonathan Oatis)
© Thomson Reuters 2017 All rights reserved.