Briones to invest US$190m in Cementos Bío Bío
Chilean investment group Invesa Briones will invest US$190m over three years in its cement producer Cementos Bío Bío, the holding company’s president Hernán Briones told reporters.
The group plans to invest US$290m over the next three years to consolidate and expand its operations in Argentina, Chile, Colombia, Ecuador and Peru.
This includes a US$100m investment in its firm Indura, which will carry out projects in Argentina, Ecuador and Peru.
Cementos Bío Bío posted a COP4.62bn-peso (US$9.83m) net profit for the first quarter of this year, down 31.5% from the 6.74bn pesos posted for the same time last year.
Sales for the firm totaled 82.5bn pesos, down 3% compared to 85.5bn pesos posted for the first quarter of 2007. Operating profits totaled 7.69bn pesos, a 22.8% fall from 9.96bn pesos for Q1 last year.
Among the reasons for these results, Briones mentioned the subprime crisis in the US and the increasing cost of energy. Published under Cement News
