BOGOTA, Feb 26 (Reuters) - Colombia’s largest food conglomerate, Nutresa, reported on Friday that its net profit in 2015 fell 27 percent due to the application of international accounting standards.
The company, which owns 70 food-product brands and operates in 12 countries, said in a statement net profit was 428 billion pesos ($129.3 million) last year, down from 587 billion pesos in 2014.
International Financial Reporting Standards (IFRS) went into effect for Colombian companies last year. IFRS affected tax payments for 2015, said Nutresa, which is controlled by Grupo Empresarial Antioqueno.
Excluding the tax costs, net profit would have increased 4.3 percent, the company said.
Income was up 22.6 percent year-on-year in 2015 to 7.94 trillion pesos. Earnings before interest, taxes, depreciation and amortization grew 16.7 percent to 975 billion pesos, the company said.
$1 = 3,310.16 Colombian pesos Reporting by Nelson Bocanegra; Writing by Julia Symmes Cobb; Editing by Meredith Mazzilli