August 15, 2017 / 1:19 PM / a year ago

Colombia's Grupo Argos 2nd-quarter net profit slides 41.6 pct

BOGOTA, Aug 15 (Reuters) - Colombian holding company Grupo Argos reported that second-quarter net profit slid 41.6 percent to $72.1 million (215.4 billion pesos) from a year earlier.

Despite the sharp fall, Grupo Argos, whose subsidiaries include cement maker Cementos Argos, said in a statement to the financial regulator late on Monday that there are reasons for optimism.

“This quarter showed a positive change in the cement business in Colombia, whose shipments increased 7 percent, which allows us to be optimistic about the development we expect in the second half,” Chief Executive Officer Jorge Mario Velasquez said.

Earnings before interest, taxes, depreciation and amortization were down 0.8 percent between April and June to 873 billion pesos. Consolidated income was up 5.3 percent to 3.5 trillion pesos. ($1 = 2,984.99 Colombian pesos) (Reporting by Luis Jaime Acosta and Julia Symmes Cobb; Editing by Jeffrey Benkoe)

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