Titan Cement make Q4 loss

According to the latest report by Reuters, Titan reported a fourth-quarter loss on 10 March, damaged by an impairment charge for stopping the construction of a plant in the United States.

The company made a loss of €2.4 million in the final quarter of 2015 compared to a profit of €0.4 million during the same period in 2014.

Titan announced that it booked a €12.4 million charge last year, after halting the construction of the cement plant in North Carolina, in the United States.

Demand for cement in Greece has been subdued due to a six-year recession in the country. Against this backdrop, Titan has increased exports and has had strong growth in the United States where it has been investing heavily.

Group sales rose 25.8% to €368.3 million, due to a double-digit increase in the United States, which accounted for half of the group's turnover.

For the full year, the company reported a 9% increase in net profit to €33.8 million.

Edited from source by Joseph Green. Source: Reuters

Read the article online at: https://www.worldcement.com/europe-cis/11032016/titan-cement-make-q4-loss-678/