Independent Greek producer, Titan Cement has just posted its nine-month figures. slightly below expectations say analysts.
Greece's Titan Cement on Thursday reported a four per cent rise in nine-month group net profit to Euro 87.4m , slightly below market expectations, saying a weak dollar hit revenues. Analysts had forecast on average an almost six per cent rise in nine-month group net profit to Euro 88.9m citing a drop in extraordinary losses and an expected pick-up in sales in the third quarter.
Titan, which operates in the United States, Egypt, Bulgaria and the former Yugoslav Republic of Macedonia said the weaker dollar pushed down nine-month
sales by one per cent to Euro 780m. "This resulted in correspondingly lower revenues and operating EBITDA mainly from the United States. At constant exchange rates, group sales to date were up seven per cent and operating EBITDA up one per cent versus 2002," it said
in a statement. Nine-month earnings before interest, tax, depreciation and amortisation (EBITDA) were down three per cent to Euro 215m. The group did not release separate third quarter figures. For the first six months, Titan reported a 1.5 per cent drop in group net profit and a five per cent decline in sales.