Greeces’ Titan Cement net seen rising 34 per cent

Greeces’ Titan Cement net seen rising 34 per cent
27 October 2006

Greece’s Titan Cement nine-month group net profits are seen rising 34.2 per cent YoY to EUR209.4m when it announces its results under IFRS on Tuesday as demand increases and it achieves higher prices across most of its markets.  
In a poll taken by Newswire of six leading analysts, nine-month group net profits are forecast in a range of EUR203.5m and EUR216.3m, from EUR156m for the same time last year.  
Brokers said the companys bottom line will be boosted by strong operating gains, assisted by lower financing expenses and modest forex gains from the declining dollar.  
Nine-month EBITDA is forecast to rise 26.8 per cent YoY to a median of EUR362.7m, with forecasts ranging between EUR354.9m to EUR368m and up from EUR285.9m the same time last year.  
Several analysts said that favourable pricing in Greece and and the US will assist margins overcome pressure from high input costs.  
Nine-month group sales are seen rising 21.2 per cent YoY to a median of EUR1.205bn, with forecasts ranging between EUR1.182bn to EUR1.220bn, from EUR994.7m a year ago.  
Most analysts said the Greek market has proven to be more robust than expected, with the company benefiting from increased demand in residential and infrastructure markets.  
In the US, Titan may be affected by the housing slowdown in Florida but overall activity levels should remain positive, they said. Analysts also expect a continuation of the improved market conditions in Egypt and the Balkans.  
The median forecast for Titans third-quarter group net profits is 88.3 mln eur, EBITDA of EUR147.4m and sales of EUR440.9m.  
Last year, the company made a third-quarter net profit of EUR77.6m, EBITDA of EUR124.3m and sales of EUR381.8m.  
Some analysts warned the US operations may have slowed in the third quarter but Bulgaria should continue to drive growth in south-east Europe.  
Published under Cement News