Titan looks to the USA and Bulgaria for growth in 2005

Titan looks to the USA and Bulgaria for growth in 2005
Published: 12 May 2005

Titan’s turnover in the first quarter of 2005 grew by 4.3% to EUR 57.3m and the operating profit at the EBITDA level was 1.4% higher at EUR 57.3m.  Excluding exchange rate movements, these increases amounted to 7.5% and 3.9% respectively.  Group cement volumes were unchanged at 3Mt, with lower domestic deliveries in Greece being compensated by higher deliveries in the United States and in Bulgaria. Reductions of group shipments of aggregates and ready-mixed concrete of around 4% and 8% respectively essentially reflect reduced construction activity in Greece.
 
Turnover in Greece fell by 14.0% to EUR 102.1m as domestic cement deliveries were down by 19% in the post Olympic environment, with reduced public sector construction work being responsible for virtually all of this drop.  The production at the cement plants was little changed with exports being considerably increased, notably to the group’s new US terminal in Tampa, Florida.  Given the weakening of construction activity in Greece in the second half of last year, the full year decline in domestic deliveries is expected to fall into single figures.  Greek cement prices were increased by 3% early in the year, but this was insufficient to fully cover for the increased fuel costs, which, in combination with the shift in the mix to exports led to a 31.2% drop in the EBITDA to EUR 25.6m.