Titan Cement 1Q net profit seen falling 69%

Titan Cement 1Q net profit seen falling 69%
Published: 04 May 2011

Analysts expect continued weakness in key Greek and US markets to weigh on Titan Cement’s first-quarter performance, only partly offset by better sales in Southeast Europe, thanks to recent expansion, and possibly in Eastern Mediterranean.

A survey by six analysts shows the average revenue is expected to be EUR262.9M, down 8.1% (EUR286.1M in 1Q 2010)and average EBITDA is forecast at EUR52.7M, down 14% (EUR61.2m). Meanwhile, average net profit is estimated at EUR7.8m down 69 per cent (EUR24.8m).

Titan’s prior-year net boosted by one-off EUR10m boost from tax benefits, is not likely to be repeated.