BOGOTA, May 16 (Reuters) - Colombian investment holding company Grupo SURA said late on Tuesday its net profit dropped 23.5 percent in the first quarter compared with the same period a year earlier to 310 billion pesos ($108.5 million).
The fall was due to market volatility, the company said in a statement.
“The strong recent volatility of the market affected investment income in comparison with an outstanding first quarter of 2017. But this has been partially compensated for by positive operative performances of subsidiaries,” SURA’s chief executive, David Bojanini, said in the statement.
Total income fell 2.2 percent to 4.76 trillion pesos in the first quarter, while costs fell 0.6 percent to 4.34 trillion pesos.
The company has shares in Bancolombia, Grupo Argos , Nutresa and the pension fund Proteccion , among other companies. ($1 = $2,889.87) (Reporting by Julia Symmes Cobb; editing by Jonathan Oatis)