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Cementos Argos continues to have a positive balance

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World Cement,

Cementos Argos continued to have a positive balance during the first three months of the year, primarily due to the good results obtained by its business lines, the implementation of a major expansion project, improvements to its operational efficiency and the execution of a strategy based on sustainability and innovation.

In a consolidated manner, the organisation obtained revenues of COP$2.2 billion (US$678 million), 34% more than the amount reported for the same period of the previous year; it reached an EBITDA of COP$425 billion (US$130 million), 38% more than 1Q15, and generated COP$100 billion (US$31million) in net income, which is 27% more than in 1Q15.

In the United States Region, there was positive performance after its EBITDA was increased by 140% and reached US$34 million. Furthermore, revenues in this country totalled US$335 million, 27% more than in the first months of 2015. The improved dynamics of American economy, coupled with the growth of residential construction rates and a favourable climate during the quarter, have enabled the reactivation of important projects that speak to the recovery of the U.S. market.

The Colombia Region obtained revenues of COP$666 billion (US$204 million) between January and March 2016, which represents an increase of 1.2%, and the EBITDA increased by 6.8%, totalling COP$205 billion. The company finalised the implementation of improvements derived from its expansion of the Rioclaro Plant, turning it into one of the most modern and efficient in the country, and also successfully issued bonds in the local market. The infrastructure development plan, which includes the Fourth Generation (4G) of the Road Concessions Program, as well as the country's housing construction projects, represent opportunities for the company based on the significant demand for materials that will be required for its execution and which is estimated to begin taking hold during the second quarter of the year.

The Caribbean and Central America Region reported an increase of 3.7% in its revenues and of 11% in its EBITDA, reaching US$139 and $49 million respectively.

In Panama, a market where the company is a leader, there are infrastructure developments forecast for the near-, mid- and long-term. The allocation of resources for the construction of important projects, such as the third line of the Metro, is a sign of the country's commitment to the execution of major infrastructure works in the long-term.

“The obtained results indicate that we will have good performance throughout the year, and confirm that our geographic diversification, the expansion and consolidation of our business lines, the flexibility of operations and the continuous quest for operational excellence will allow us to remain on a path of growth and drive the progress of the countries and the welfare of the communities in the countries where we operate,” said Juan Esteban Calle, new CEO of Cementos Argos.

Adapted from press release by

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