Titan Group says turnover up, profits down in Jan-Sept

Titan Group says turnover up, profits down in Jan-Sept
Published: 24 October 2008

Titan Cement on Thursday reported a 15.6 per cent decline in its consolidated net, after tax and minorities, profits to EUR163m in the nine-month period from January to September 2008, and said revenues grew 3.5 per cent to EUR1.184bn over the same period.

Operating pre-tax, interest and amortization earnings (EBITDA) fell 15.4 per cent to EUR289m in the January-September period, compared with the same period last year.

The Group attributed its improved turnover to the integration of recent acquisitions in Egypt and Turkey and the decline in profits to a worsening of a crisis in the US home market and high fuel prices.

In Greece, operating earnings totaled EUR134m, down 12 per cent. Parent turnover grew 4.4 per cent to EUR418m, while EBITDA fell 10.9 per cent to EUR115m and net profits fell 8.0 per cent to EUR84m.