Titan Cement increases sales, profits in Q1 2006

Titan Cement increases sales, profits in Q1 2006
Published: 11 May 2006

The Titan Cement Group increased its net profits after taxes and minorities to EUR43m in the first quarter of 2006, up by 58% compared with the same period last year, while sales were up 34% to stand at EUR335m, according to the financial results the company released on Wednesday.

At constant exchange rates, group turnover increased by 27% and operating EBITDA by 37%. According to the company, "turnover and operating EBITDA growth is due to improved performance in all geographical areas and the positive exchange rate effect. Improvement was especially pronounced in the USA, where market conditions, and in particular, the favorable pricing environment, supported profitability.

"In Greece, "building material volumes were stronger than expected as a result of a milder winter and a weak post-Olympics period in the first quarter of 2005."