Colombia’s Cementos Argos 1Q net increases

Colombia’s Cementos Argos 1Q net increases
Published: 24 April 2008

Cementos Argos SA, Colombia’s largest cement company, said Wednesday its consolidated net profit rose  in the first quarter to US$42m, boosted by the company’s sales in its home country, Argos said in a statement.
Cementos Argos’ sales in Colombia rose faster than the sales of the industry in general, the statement said. The company sold 1.15Mt of cement in Colombia during the quarter. Cementos Argos’ sales also rose in Panama, Dominican Republic and Haiti.
Volume of sales of ready-mix concrete in the U.S. dipped 3.3% compared with the same period in 2007.
Operating revenue increased 7% to $490m from $459m, the Medellin-based company said.
In 2005 and 2006, Cement Argos spent $692m to buy two cement companies and a ready-mixed concrete company in the U.S.