Titan Cement posted a 1.5 per cent drop in first-half net profit Thursday, in line with analysts' expectations. Titan's net profit fell to EUR46.13 million from EUR46.64m in the year-ago period. After a 72 per cent drop in first-quarter net profit, owing to adverse weather conditions and negative currency movements, Titan said group performance in the second quarter brought overall results almost in line with 2002. Company sales fell five per cent to EUR488 million while earnings before interest, taxes, depreciation and amortization fell nine per cent to EUR121 million.
At constant dollar/euro rates, company sales would have risen four per cent while EBITDA would have only fallen by four per cent, Titan said.