Colombian textile, fabric and clothing company Fabricato reported COP2.606 billion ($1.46 million) in profits for the first three months of 2011, Portafolio reported Monday.
The financial report, handed to the Financial Superintendent, stated that after two consecutive years of first trimester losses, Fabricato had reversed its fortunes. For the same period in 2009, the company had COP1.09 billion ($612,000) in losses and in 2010 lost 11.2 billion ($6.3million).
According to a company communique, “The figure reflects a big effort made by the company to reduce its costs and expenses plus adequate management of the price of sales in line with changes in production costs.”
The profit figure comes from a turnover of COP150 billion ($84.2 million) in the first three months of this year, up from the COP121 billion ($67.8million) in turnover for the same period in 2010.
First quarter sales in the domestic market grew 10% to COP100.935 billion ($56.6 million) while foreign sales rose by 68%. The report says that three affiliates in Ecuador, Peru and Mexico continue to report growth in sales, and that “sales to the U.S. rose from $3.46 million to $4.28 million.”
Fabricato, formerly Textiles Fabricato Tejicondor, was founded in 1920 and exports wools, cottons, and home decorations among other products to Latin America, the U.S. and Europe.