Greek cement producer Titan is expected to post a rise in first-quarter net profit due to a change in accounting rules and to gains in its international operations, offsetting the post-Olympic Games slowdown at home. A Reuters poll of 11 analysts on Friday forecast on average net profit of EUR 26m Titan’s results will however not be directly comparable with year-earlier figures, because it will report under International Financial Reporting Standards (IFRS) on May 10, while last year’s figures were based on Greek accounting standards.
Analysts suggest that titan’s revenues are seen rising to EUR 249m lifted by Titan’s operations abroad while domestic sales are likely to decline. "Sales in the US are seen up nine per cent. Performance in the Balkan subsidiaries is likely to be continued to be driven by brisk demand growth in Bulgaria," HSBC Pantelakis wrote in a preview. Analysts also forecast on average operating earnings before interest, tax, depreciation and amortisation (EBITDA) of Euro 58.6m
