Colombia’s Grupo Argos Q3 net profit drops 9.2% after jump in costs
2:36 pm Monday, November 14th, 2022
MEXICO CITY (Reuters) – Colombian industrial conglomerate Grupo Argos’ third-quarter net profit fell 9.2% from a year earlier, the company said Monday, following a jump in costs and expenses.
The company, made up of power utility Celsia, Cementos Argos and road and airport concession company Odinsa, posted a net profit of 192 billion pesos ($39.9 million)for July to September, down from 211.4 billion pesos last year.
The firm said revenues grew 23.6% to 5.1 trillion pesos, but reported a 25% jump in costs and expenses.
The company’s earnings before interest, taxes, depreciation and amortization (EBITDA) grew 9.5% to 1.3 trillion pesos.
($1 = 4,806.07 Colombian pesos)
(Reporting by Noe Torres; Editing by Isabel Woodford)
