Titan Cement FY net to rise 31.7%

Titan Cement FY net to rise 31.7%
Published: 15 February 2007

Titan Cement is expected to report on Feb 21 a 31.7%  rise in full year group net profit to EUR276.8m from a year earlier, on the back of robust sales in Greece, healthy exports and due to its diversified business, analysts said. 
 
In a consensus poll taken by Euro2day.gr Newswire of four leading analysts, twelve month group net profits under IFRS is expected to come in at EUR261-282m, from EUR210.1m for 2005. 
 
Analyst Kostantinos Zouzoulas of Marfin Analysis-Egnatia Finance said ’2006 will be another record year for both sales and profitability, boosted by strong organic growth from all regions. Nevertheless, we expect a deceleration in fourth quarter growth from previous quarters due to softer US demand.’
 
Twelve month EBITDA is forecast to rise 23.9 per cent YoY to a consensus median of
EUR482.1m, with forecasts ranging between EUR469m to EUR490m, from EUR389.2min 2005. 
 
Broker Kostas Karagiorgos of Eurobank Sec noted that ’Titan is currently facing a slowdown in the US due to the housing effect, however the company maintains its attractive growth rates because it is well diversified.’ 
 
Full year group sales are seen rising 17.5 per cent YoY to a forecast median of 1.576bn, with forecasts ranging between
EUR1.567bn to EUR1.586bn, from EUR1.341bn in 2005.