Cementos Argos, Colombia’s largest cement company, said Thursday its consolidated net profit in the first quarter fell 82% in dollar terms from the same period a year ago to US$18m, reports Dow Jones Newswires.
The company attributed the net-income decline to a one-time revenue in the first quarter of 2009 from the sale of coal assets to Brazilian mining giant Vale do Rio Doce (RIO).
Cementos Argos received US$300m for the sale of its coal assets during the first quarter.
The company’s consolidated operating income in the first quarter fell 27% in dollar terms from the same period a year ago to US$360m. Cementos Argos’ consolidated income includes the results of all its units in Colombia and abroad.
Revenue in Colombia in the first quarter fell 17% on year to COP365bn, while revenues from the company’s US business fell 25% to US$89m, and Cementos Argos’s revenue from operations in the Caribbean fell 17% to US$68m.