(Updates with quote from conference call)
BOGOTA, Sept 1 (Reuters) - Colombian holding company Grupo Argos SA said on Tuesday that net profit fell 48.8 percent in the first half compared with the same period in 2014 because of 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 pesos 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 at 5.5 trillion pesos in the first half, 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 was up 81 percent compared with the year before.
Grupo Argos’s earnings before interest, tax, depreciation and amortization dropped 6 percent to 1.4 trillion pesos because of an uptick in costs in the conglomerate’s energy generation business.
The outlook for infrastructure projects and other operations for the remainder of 2015 are positive, Vice President Alejandro Piedrahita said during a conference call with investors on Tuesday.
“Not just at the local level, but at the international level,” he said. “We’re very optimistic for the close of the year.”
Reporting by Nelson Bocanegra; Writing by Julia Symmes Cobb; Editing by Jonathan Oatis