Colombia's Grupo Argos says 2015 net profit fell 30.9 percent
BOGOTA Feb 29 (Reuters) - Colombian holding company Grupo Argos said on Monday its net profit fell 30.9 percent to 643 billion pesos ($194.5 million) in 2015 because of higher operating costs and taxes.
Operating costs were up 49.8 percent to 9.6 trillion pesos last year, while spending was up 22.6 percent to 1.2 trillion pesos, the company, which counts cement producer Cementos Argos and energy company Celsia among its subsidiaries, said in a statement.
Net profit "was affected by the impact of wealth tax and the increase of financial costs associated with the acquisition of the Vulcan plant on the part of Cementos Argos, energy generation assets in Panama and Costa Rica by Celsia and Grupo Argos' participation in Odinsa," the statement said.
An increase in inflation also affected results.
The company's income was up 37.5 percent to 12.57 trillion pesos in 2015, compared with a year earlier, it said. Earnings before interest, taxes, depreciation and amortization increased 18.7 percent to 2.64 trillion pesos.
($1 = 3,306 Colombian pesos) (Reporting by Nelson Bocanegra; Writing by Julia Symmes Cobb; Editing by Paul Simao)
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