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)