BOGOTA, May 15 (Reuters) - Colombia's Grupo Argos

reported a 69% year-on-year drop in first-quarter net

profit on Thursday, falling to 1.19 trillion pesos ($282.6

million).

However, adjusted net profit, excluding non-recurring items,

tripled to 113 billion pesos compared to the same period last

year, the company said.

Argos, with units in the energy, cement and airport

operations, said its revenue for the first three months of the

year grew 7% to total 2.9 trillion pesos.

($1 = 4,196.66 Colombian pesos )