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Colombia's Grupo SURA posts near-stable Q3 profit as revenues, costs grow

Published 11/11/2022, 09:50 PM
Updated 11/11/2022, 09:55 PM
© Reuters. FILE PHOTO: The Grupo Sura logo can be seen at its headquarters in Medellin, Colombia February 27, 2018. REUTERS/Fredy Builes/File Photo

(Reuters) - Net profit at Grupo SURA, Colombia's largest investment company, stayed relatively stable in the third quarter compared to the year-ago period as both revenues and costs grew, the company said in a statement on Friday.

The firm's net profit for the three-month period stood at 400.30 billion pesos ($83.29 million), dipping 2% year-on-year.

Grupo SURA's revenue for the quarter hit 7.85 trillion pesos, up 19% from the year before, on double-digit growth in its insurance sector.

© Reuters. FILE PHOTO: The Grupo Sura logo can be seen at its headquarters in Medellin, Colombia February 27, 2018. REUTERS/Fredy Builes/File Photo

Operational costs for the company also grew, however, rising some 16% from the year-ago quarter. SURA said it would continue to focus on cost control and efficiency, adding the increase in costs was still lower than the jump in revenue.

($1= 4,806.07 Colombian pesos)

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