February 18, 2019 / 10:22 PM / a month ago

Colombia's Cementos Argos' net profit triples in 2018

BOGOTA, Feb 18 (Reuters) - Colombia’s Cementos Argos said on Monday its net profit more than tripled during 2018 from the previous year to 291.4 billion pesos ($92.8 million), helped by a drop in sales and administration costs.

Net profit in 2017 was 78.4 billion pesos, Cementos Argos said in a statement.

Earning before interest, taxes, depreciation and amortization rose 8 percent to 1.54 trillion pesos during the year, the company said.

Administration and sales expenses fell 6 percent in 2018 from the year before, while operating income dropped 1.4 percent to 8.41 trillion pesos.

During the fourth quarter, Cementos Argos said it swung to a net profit of 80.2 billion pesos from a loss of 66.8 billion pesos in the same period of 2017.

1 dollar = 3,141.40 pesos Reporting by Nelson Bocanegra; Editing by Peter Cooney

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