August 13, 2018 / 9:31 PM / 3 months ago

Colombia's Cementos Argos reports 60 pct profit slide in Q2

BOGOTA, Aug 13 (Reuters) - Colombia’s top cement maker Cementos Argos on Monday said its net profit slid 59.7 percent in the second quarter to 29.4 billion pesos ($10 million), compared to the same period last year, because of a deceleration in construction.

Operating revenues were up 1.4 percent to 2.18 trillion pesos between April and June, the company, a subsidiary of Grupo Argos, said in a filing to the financial regulator.

“A recovery of demand is expected during the second half of the year given the increase in consumer confidence and positive signs for the residential sector, especially in social housing,” Cementos Argos said.

$1 = 2,940.95 Colombian pesos Reporting by Nelson Bocanegra, writing by Julia Symmes Cobb, Editing by Rosalba O'Brien

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