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Cementos Argos S.A., Colombia’s largest cement company, posted a consolidated net profit of COP288.8 billion ($156 million) in 2010, a 37.7% increase in peso terms from a year earlier.
The company attributed the increase to one-time revenue from the sale of its stake in investment holding group Grupo de Inversiones Suramericana SA to its parent company.
Cementos Argos’ consolidated operating income for 2010 stood at COP3 trillion, a 12.4% decrease from a year earlier. Consolidated income includes the results of all the company’s units in Colombia and abroad.
Shares of Cementos Argos climbed 1.31% to COP10,860 in morning trading while the benchmark IGBC index advanced 1.35% to 14746.12 points.
(Darcy Crowe, Dow Jones)
