May 14, 2019 / 3:52 PM / 2 months ago

Net profit at Colombia's Cementos Argos fell 52.3% in 1st qtr

BOGOTA, May 14 (Reuters) - Colombia’s Cementos Argos said that net profit in the first quarter was down 52.3% to 39 billion pesos ($11.8 million) compared with the same period last year.

The decline was due to sales of non-strategic assets in the first quarter of 2018, the company said. Net profit in the year-ago quarter “was positively impacted by non-recurring income from disinvestment,” it said in a statement published by the country’s financial regulator late Monday.

Earning before interest, taxes, depreciation and amortization fell 2.6% to 361.5 billion pesos in the quarter.

Total volume of shipped cement rose 4.7%, while concrete shipments were up 2.3%, due to positive developments in the housing market, public works projects and road works.

Operating income climbed 14 percent to 2.17 trillion pesos. ($1 = 3,299.01 pesos) (Reporting by Nelson Bocanegra; Writing by Julia Symmes Cobb; Editing by Jeffrey Benkoe)

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