Bloomberg News

Colombian Stock Movers: Petrominerales, Grupo Nutresa Active

February 27, 2012

The following companies had unusual price changes in Bogota trading. Stock symbols are in parentheses and prices are as of 4 p.m. local time.

The IGBC Index (IGBC) fell 1 percent to 14,800.38, while the Colcap Index fell 0.7 percent to 1,706.70.

Grupo Nutresa SA (NUTRESA) (NUTRESA CB), Colombia’s biggest food producer, fell for a second day, slipping 0.5 percent to 22,280 pesos. Net income declined 3.7 percent last year from a year ago to 254 billion pesos ($143 million), according to a Feb. 24 regulatory filing.

The results failed to meet the market’s expectations as higher raw material prices and increases in administrative and sales expenses cut into profits, according to a Feb. 24 report by Interbolsa analysts including Jorge Zuniga.

The incorporation of payroll expenses from the integration of Helados Bon SA, the Dominican Republic’s largest ice cream maker, led to the increase in administrative and sales expenses, according to an e-mailed report today from Interbolsa. Nutresa purchased a 73 percent stake in Bon last year for $38.7 million.

Petrominerales Ltd. (PMGC) (PMGC CB), a Calgary-based company that explores for and produces oil in Colombia, plunged the most on record after 2011 reserves dropped 14 percent from the year before.

Shares fell 20 percent, the most since they began trading in August, to 33,860 pesos. Proved and probable reserves for 2011 totaled 51.5 million barrels, a 14 percent decrease from the year before, according to a regulatory filing today.

To contact the reporter on this story: Blake Schmidt in Bogota at bschmidt16@bloomberg.net

To contact the editor responsible for this story: David Papadopoulos at papadopoulos@bloomberg.net


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