Grupo Argos Net Profit up 29% in 2014
Net profit at Colombian holding company Grupo Argos SA rose 29 percent in 2014 compared with the previous year, due largely to gains by its cement-making subsidiary, the company said.
Grupo Argos reported that profit was up to 380.7 billion pesos ($192 million) last year, from 294 billion pesos in 2013.
The company's cement producer subsidiary, Cementos Argos , this week reported a net profit increase of 58.8 percent in 2014, thanks to sales increases in Colombia and the United States.
Operating income at Grupo Argos, controlled by the Grupo Empresarial Antioqueno conglomerate, was up 16.9 percent to 8.9 trillion pesos ($4.47 billion) in 2014, the company said in a statement late on Wednesday.
Consolidated earnings before interest, taxes, depreciation and amortization were 2.1 trillion pesos - a growth of 9 percent - Grupo Argos said.
Subsidiaries of Grupo Argos operate across Latin America in cement, energy, coal and real estate.
The company will host a conference call with investors on March 3.
(Reporting by Nelson Bocanegra; writing by Julia Symmes Cobb editing by Matthew Lewis)
