November 15, 2018 / 5:31 PM / a month ago

Colombia's Grupo Argos net profit fell 9 pct in third quarter

BOGOTA, Nov 15 (Reuters) - Net profit at Colombian holding company Grupo Argos fell 9 percent in the third quarter to 452 billion pesos ($141.5 million) compared with the same period last year, the company said on Thursday.

The decrease was due to non-recurring income from an asset sale in the third quarter of 2017, Argos said in a filing to the financial regulator.

If the sale of port company Compas for 403 billion pesos last year is excluded, Grupo Argos’ net profit would have increased 37 percent year-on-year in the quarter, it said.

Income was down 11 percent between July and September, compared with the year-ago quarter, to 3.64 trillion pesos, while earnings before interest, taxes, depreciation and amortization were down 14 percent, to 1.19 trillion pesos.

Growth in the company’s cement, airport concessions and energy interests was up 97 billion pesos from the previous quarter, the company said.

Between January and September, net profit was up 6 percent to 864 billion pesos, the company said, and would have been up 31 percent excluding the Compas sale.

$1 = 3,194.70 Colombian pesos Reporting by Nelson Bocanegra Writing by Julia Symmes Cobb; Editing by Bernadette Baum

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