UPDATE 1-Profits for Colombia's Grupo Argos surge more than nine fold in first quarter

(Adds details on results, background on transactions)

BOGOTA, May 15 (Reuters) - Colombia's Grupo Argos first quarter net profit jumped to 3.8 trillion pesos ($994.74 million), compared to 406 billion pesos in the year-ago period, the conglomerate said on Wednesday, citing in part huge gains from its Grupo Nutresa divestment.

It also pointed to gains from the combination of assets of its U.S. unit and Summit Materials.

Argos, with units in the energy, cement and airport operation sectors, saw revenues in the January-to-March period rise 21% to reach 4.5 trillion pesos.

The company's core earnings stood at 2.37 trillion pesos, a 90% surge from the year-earlier period, while costs shrank 13%.

The firm's cement unit core earnings were up 24%, when measured in U.S. dollars.

In April Grupo Gilinski, Graystone Holdings, Grupo SURA and Grupo Argos got offers for 22.48% of Colombian food producer Grupo Nutresa in a public share offering.

Over the last two years, Grupo Gilinski has launched bids to buy shares in Nutresa, SURA and Argos, taking significant stakes in the process. ($1 = 3,820.1000 Colombian pesos) (Reporting by Nelson Bocanegra; Writing by Valentine Hilaire; Editing by David Alire Garcia and Josie Kao)