Grupo Nacional de Chocolates SA booked a consolidated net profit of 188.75 billion Colombian pesos ($103 million) in the first nine months of this year, up 55% from the same period a year ago, Colombia’s largest food company said Tuesday.
The company attributed the increase to increased profitability of its food business and lower debt costs.
Grupo Chocolates’s earnings before interest, taxes, depreciation and amortization, or Ebitda, rose 2.7% to COP390 billion.
Total consolidated operating revenues fell 3.9% to COP3.166 trillion because of the weaker Venezuelan currency.
The Medellin-based company produces candies, ice cream and other processed food in Colombia, Peru, Central America and Mexico.
Revenue from outside Colombia, including exports of products manufactured in Colombia, fell 19.7% to $321.1 million.
Shares of Grupo Chocolates were flat at COP27,000 on Tuesday, while the IGBC stock index climbed 0.8%. (Darcy Crowe / Dow Jones Newswires)