colombian peso devaluation 2020

Our existing commercial backlog remains strong and many projects are progressing in all markets where construction activity is permitted. Colombia’s peso is in trouble, again. As of May 1, 2020, our liquidity further improved to approximately $105 million, including cash of approximately $50 million, as a result of proactive measures to build cash. Colombia has what’s known as a free-floating currency, meaning that simple supply and demand dynamics apply: the more people who buy the Colombian peso, the more the peso will be worth. We will continue to monitor and adjust plans for our business that are aligned with our expectation to emerge as a stronger Company when global market conditions begin to improve.”Management will host a webcast and conference call on Friday, May 8, 2020 at 9:00 a.m. eastern time (8:00 a.m. Bogota, Colombia time) to review the Company’s results. Adjusted net incomeSince the outbreak of the COVID-19 crisis, Tecnoglass has adhered to mandates and other guidance from local governments and global health authorities.

Further, investors should keep in mind that Tecnoglass’ financial results in any particular period may not be indicative of future results. In the beginning rate at 21.89 Mexican Pesos. U.S. revenues were $78.8 million compared to $92.0 million in the prior year quarter.Gross profit for the first quarter of 2020 was $30.5 million, representing a 34.9% gross margin compared to gross profit of $31.9 million, representing a 29.8% gross margin in the prior year quarter. You may also access the conference call playback by dialing (844) 512-2921 (Domestic) or (412) 317-6671 (International) and entering pass code: 13702413.Tecnoglass Inc. is a leading manufacturer of architectural glass, windows, and associated aluminum products for the global commercial and residential construction industries. However, the Company's sales are dependent on nonresidential construction activity and housing starts. The Company’s backlog has historically provided a high degree of visibility for commercial revenues over a twelve month period. In light of the uncertain times ahead, we are focused on maintaining financial flexibility and generating cash flow. The improvement in gross margin mainly reflected lower raw material costs, a higher mix of revenue from manufacturing vs installation, and greater operating efficiencies from prior automation initiatives. To listen to the call and view the slides, please visit the Investor Relations section of Tecnoglass' website at www.tecnoglass.com.

High exchange rate 22.89, low 21.89. Net loss of $18.7 million, or $0.40 loss per diluted share, including a net after tax effect of $22.1 million non-cash FX loss due to a 23% devaluation of the Colombian Peso during the quarter As a percent of total revenues, operating expenses were 19.8% compared to 16.5% in the prior year quarter, primarily due to lower sales.Net loss was $18.7 million, or $0.40 loss per diluted share in the first quarter of 2020 compared to a net income of $7.3 million, or $0.18 per diluted share in the prior year quarter, including an after-tax non-cash foreign exchange transaction loss of $22.1 million of in the first quarter 2020 and a $2.2 million gain in the first quarter 2019. The decrease was primarily attributable to fewer days of invoicing in the second half of March as a result of the Company’s decision to temporarily suspended plant operations in accordance with shelter-in place guidelines by the Colombian government in response to COVID-19. The Company is committed to its talented workforce and at this time has retained all of its labor force, of which approximately 60% are contracted through staffing agencies that provide significant contractual flexibility. Rate target in 14 days: 3855.800. Colombia’s peso has dropped to a record low compared to the US dollar, which peaked at 3,480 pesos on Monday.The record was initially set in February when the dollar reached 3,379 pesos, but dropped again after the Central Bank said it would stop purchasing dollars.Two weeks ago the peso started dropping against both the dollar and the euro, which increased in value to 3,890 pesos.After Finance Minister Alberto Carrasquilla presented his 2020 budget and the central bank announced it had lowered the country’s growth rate by 0.5 percentage points, the drop accelerated.In the case of the dollar, the drop in value of the peso was stimulated by the announcement of the American central bank, the FED, to lower interest rates for the first time in a decade.The Duque administration presented a controversial tax plan last year that may have affected Colombians’ purchasing power.

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