Colombia's Grupo Argos Jan-Sept profit drops 39 pct as taxes, costs rise
BOGOTA Nov 30 (Reuters) - Colombian holding company Grupo Argos SA said net profit fell 38.9 percent between January and September compared with the same period last year because of tax increases and higher acquisition costs.
The company earned a net profit of 635 billion pesos ($204.7 million) during the first nine months of the year, compared with 1.04 trillion pesos in the same period of 2014.
Profit was hurt by tax increases and higher costs related to the acquisition of the Vulcan cement plant in the United States by Cementos Argos, a subsidiary of Grupo Argos, the company said in a statement.
Income grew 23 percent between January and September to 8.7 trillion pesos, due to healthy Cementos Argos results and the sale of shares, as well as the operations in Panama and Costa Rica.
Cementos Argos said last week net profit rose 63 percent between January and September to 372 billion pesos ($141 million) compared with a year earlier.
Grupo Argos's earnings before interest, tax, depreciation and amortization were up 6 percent to 2.1 trillion pesos compared with January through September last year.
($1 = 3,101.10 Colombian pesos)
(Reporting by Nelson Bocanegra; Writing by Julia Symmes Cobb; Editing by Bernadette Baum)
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