In 3Q13, Titan Group’s turnover grew by 6% y/y to reach €316 million. Boosted by positive results in the US market, EBITDA also increased, rising by 22% y/y to €61 million. Net profit came in at €7 million, an improvement on the loss of €6 million recorded in 3Q12.
Turnover for the first nine months of the year reached €888 million, up 5% y/y. EBITDA dropped 5.5% y/y to €154 million. However, at constant exchange rates EBITDA would have risen by 0.4% y/y and turnover by 9% y/y. Group net debt is €595 million as of the end of September 2013, this is €73 million lower than the same time last year.
- In Greece and Western Europe, turnover grew by 5% y/y to reach €190 million in January – September 2013. EBITDA came in at €12 million, representing a decrease of 63% y/y.
- Turnover and EBITDA increased by 12% y/y and 579% y/y in the US in the first nine months of the year, respectively.
- In Southeastern Europe EBITDA experienced a decline of 11% y/y, falling to €48 million. Turnover for the first nine months of the year came in at €164 million, 6% lower than the corresponding period in 2012.
- In the Eastern Mediterranean region turnover was up 4% y/y, while EBITDA decreased by 2% y/y to €70 million. In Egypt, demand suffered a slight decline, but operating costs were driven up by the rising price of natural gas, while the Group’s figures felt the impact of the weakening of the Egyptian Pound against the Euro. Meanwhile, demand levels continued to rise in Turkey.
Parent company Titan S.A. saw a 7% y/y rise in turnover in January – September 2013. However, EBITDA fell by 71% to €10 million. This resulted in a net loss of €32 million compared to a loss of €5 million in the corresponding period in 2012.
Adapted from press release by Louise Fordham
Read the article online at: https://www.worldcement.com/europe-cis/13112013/titan_results_first_nine_months_2013_412/