The Titan Group has released its results for 1Q14. The Group recorded a net loss of €27 million after tax and minority interests, compared to a loss of €19 million in 1Q12. EBITDA was down 29% to €24 million. However, turnover grew by 8%, rising from €225.4 million to €243 million. Foreign exchange differences led to a negative effect on turnover and EBITDA of 4% and 7.7%, respectively.
Titan Cement has shifted its focus to exports in Greece due to a lack of construction activity and low demand for cement in the country. As a result, turnover increased by 11% to reach €51 million. EBITDA came in at a €3 million loss, compared to a profit of €31 million in 1Q12.
Increased levels of demand for building materials in Southeastern Europe meant turnover rose by 18% to €32 million. Operating profitability fell from €4 million in 1Q12 to €3 million in 1Q13.
A stronger construction market in the US led to higher demand, and Titan’s turnover in the region increased by 12% to €89 million. EBITDA came in at €0.5 million, up from a €1.5 million loss in the same period last year.
In the Eastern Mediterranean region, the Group saw turnover decline by 3% to €71 million, after accounting for negative foreign exchange translations caused by the declining Egyptian Pound. However, at constant exchange rates, turnover would have increased by 8%.
Parent company Titan Cement S.A. saw turnover increase by 19% to €51 million due to a rise in exports. EBITDA fell from €12 million in 1Q12 to a negative €2 million. A net loss of €17 million was recorded during the period, compared to a profit of €0.2 million in 1Q12.
Adapted from press release by Louise Fordham.
Read the article online at: https://www.worldcement.com/europe-cis/15052013/titan_cement_greece_1q13_results_980/