May 13, 2016 / 2:02 PM / 2 years ago

Cementos Argos profit up 31 percent in Q1 due to expansion

BOGOTA, May 13 (Reuters) - Top Colombian cement maker Cementos Argos reported a 31 percent jump in its net profit in the first quarter compared to the same period last year due to expansions in local and foreign operations.

Net profit was 122 billion Colombian pesos ($41.7 million) in the January-March period, compared with 93.3 billion pesos in the same quarter last year, the company, a subsidiary of Grupo Argos, said in a statement late on Thursday.

“These results foretell good development this year and back up our geographical diversification, the expansion and consolidation of our businesses, flexibility in our operations and the constant search for operational excellence,” Cementos Argos President Juan Esteban Calle said in a statement.

Earnings before interest, taxes, depreciation and amortization rose 38 percent to 425 billion pesos in the first quarter of 2016.

$1 = 2,934.88 Colombian pesos Reporting by Nelson Bocanegra; Writing by Julia Symmes Cobb; Editing by Paul Simao

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