Titan Q1 net seen up 22 per cent

Titan Q1 net seen up 22 per cent
Published: 09 May 2006

Titan is expected to report a 22 per cent rise in first-quarter net profit, thanks to strong growth at home and abroad, analysts said on Monday.   A Reuters poll of eight analysts forecast on average net profit of about 33 million euros for Titan, with earnings before interest, tax, depreciation and amortisation (EBITDA) seen up 23 per cent to 70.1 million euros.  
 
 "We expect US operations to continue delivering strong growth rates on the back of increases in cement prices and a slight expansion in production capacity," Proton Securities wrote in a preview.   Earlier this year, Titan also said it expected its foreign operations, led by its US activities, to drive earnings this year.  
 
Titan has operations in the United States, Egypt, Bulgaria and Macedonia as well as Greece. It competes with Heracles , majority-owned by France’s Lafarge .  Analysts said the local housing market had shown solid growth, fuelled by relatively cheap credit, helping demand for cement.   Titan shares have gained 24.6 per cent in the year to date compared with a rise of about 17 per cent in the broader market.