UPDATE 1-Colombia's Grupo SURA posts nearly 500% profit surge on Nutresa stock sale

(Adds details on results, background on transactions)

May 15 (Reuters) - Grupo SURA, one of Colombia's largest investment companies, reported on Wednesday a 4.9 trillion peso ($1.3 billion) first quarter net profit, up by 489% from the year-ago period and driven mainly by non-recurring transactions.

Quarterly revenues climbed 52% to reach 13.6 trillion pesos, the company said in a statement.

Grupo SURA operates in more than 10 countries via holdings in financial services, foodstuffs, cement, energy and infrastructure.

The company acknowledged that its profits in the January-to-March period were boosted by the sale of Nutresa shares, though the quarter's gains would have shrank 10% if that transaction was excluded.

Last month, Grupo Gilinski, Graystone Holdings, Grupo SURA and Grupo Argos received offers for about 22% of Nutresa in a public share offering.

The four entities bought nearly 103 million shares at $12 each, taking the total price of the offer to $1.23 billion, according to Reuters calculations.

The bid is part of an agreement from last year to help Grupo Gilinski and its partner International Holding Company (IHC) buy at least 87% of Nutresa's shares in exchange for exiting their stakes in Grupo SURA.

($1 = 3,820.1000 Colombian pesos) (Reporting by Valentine Hilaire and Marion Giraldo; Editing by David Alire Garcia)