BOGOTA, Colombia -- Colombia's second-largest auto assembler Sofasa, controlled by France's Renault, reported big increases in operating income and profits in the first quarter, the Securities Superintendency said on Thursday.
Net profits climbed to 23.0 billion pesos ($8.7 million) from 2.3 billion pesos in the first half of 2003, on the back of a jump in operating income to 602.2 billion pesos ($228.6 million) from 380.0 billion pesos, the superintendency said.
It provided no reason for the improved performance by the firm, which also assembles Toyota sport utility vehicles, but it came as Colombia's economic growth picks up.
The Japanese company has a minority stake in Sofasa, whose net worth rose to 152.7 billion pesos ($58.0 million) from 109.4 billion pesos. Its assets increased to 404.4 billion pesos ($153.5 million) from 272.3 billion pesos and its liabilities rose to 251.7 billion pesos ($95.6 million) from 162.9 billion pesos.