Greece-based Titan Cement recorded a fall in earnings in 1Q18, as demand was challenged in key markets and a strengthening euro hit the company’s bottom line. Overall, earnings were down 14.9% to €43.5 million on revenue of €322.5 million.
In the US and southeast Europe demand the company was challenged by adverse winter weather conditions, while in its home market, Greece, building activity remained low and exports were impacted by a stronger euro.
The stronger euro also hit earnings from Turkey and Egypt, where currency weakness offset otherwise positive demand trends. The company’s Brazilian business also recorded an increase in volumes and prices, resulting in improved results their against 1Q17.
Looking ahead, however, and the company remained positive for the year as a whole.
“Although inclement weather contributed to a slow start to the year, the outlook for the group in 2018 remains positive,” Titan said. Regionally, the US will be “the main lever of growth and profitability”, while Greek and Egyptian business face continuing challenges.