Titan net seen down 48 per cent

Titan net seen down 48 per cent
28 May 2009

Titan is expected to post a 48 per cent drop in first-quarter net profit, hurt by weak construction activity in the United States and southeast Europe.

The average forecast of seven analysts polled by Reuters for net profit was EUR22.4m (US$31m), with estimates ranging from EUR10.4-27.1m.

"We expect a weak first quarter on the back of declining construction activity in Greece, a sharp drop in cement demand in southeast Europe and persistent adverse market conditions in the United States," said analyst Costas Karagiorgos at Eurobank Securities, in a note to investors.

Source: Reuters

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