Titan Cement 1Q12 loss widens as construction slows

Titan Cement 1Q12 loss widens as construction slows
Published: 04 May 2012

Tagged Under: Titan Cement Co Greece 

Titan Cement Co SA, Greece’s biggest producer of the building materials, posted a wider 1Q12 loss as the country’s construction industry slowed and bad weather conditions hit the Balkans, Turkey and Greece.

The net loss was €19.4m (US$25.5m) in the three months through 31March compared with a €4.3m loss in the same period a year earlier, according to a statement from the Athens-based company today.

“The severe and extended winter period this year across the Balkans, Turkey and Greece significantly affected building activity in these regions,” the company said.

Sales declined to €225.4m from €252.9m. Revenue from the Greek market dropped 37% to €46m.
Demand in Greece is expected to mark a “further substantial decline” in 2012, Titan said. Public and private building activity in Greece, now in its fifth year of recession, fell 23% in the 12-month period through January 2012, according to the Hellenic Statistical Authority. The figure is measured by the number of permits issued.

The company said it sees sales in southeastern Europe advancing this year and is “cautiously optimistic” about demand in Egypt.