GRUPO ARGOS: Profit Falls 41.6% In The 2Q17 Amid Higher Expenses

(RTTNews) - Colombia's Grupo Argos reported a 215 billion Colombian pesos (US$ 72.5 million) consolidated net income in the second quarter, a 41.6% decrease from the same quarter a year before, even after a revenue increase, as expenses rose sharply.

Financial expenses increased amid a higher debt incurred following the concessions' consolidation in the Dominican Republic, the purchase of Opain - which manages the El Dorado Airport - and the Cementos Argos bridge loan to acquire a cement production plant in Martinsburg, United States.

Grupo Argos' EBITDA (earnings before interest, taxes, depreciation, and amortization) for the period amounted to 872 billion Colombian pesos (US$ 294.04 million), a 0.8% drop over the same period last year.

Meanwhile, Grupo Argos increased its consolidated revenues by 5.3% during the second quarter of 2017, compared to the same period of the previous year, reaching 3.6 billion Colombian pesos.