Ti­tan’s Q3 prof­its jump, boosted by weaker euro

Financial Mirror (Cyprus) - - FRONT PAGE -

Ce­ment maker Ti­tan said its third-quar­ter net profit more than tripled, helped by for­eign ex­change gains from a weak­en­ing euro.

The Greek gi­ant with op­er­a­tions in the Balkans, Turkey and Egypt, had been hit hard by a weak U.S. hous­ing mar­ket and the Greek debt cri­sis. But its for­tunes be­gan to im­prove last year, helped by the restart of a ma­jor Greek toll road project and a re­cov­ery in the United States.

Net prof­its rose to 27.6 mln euros in the third quar­ter from 7.2 mln in the same quar­ter last year. A weaker euro against the dol­lar and the Egyp­tian pound led to for­eign ex­change gains of 21 mln euros in the quar­ter, it said, fol­low­ing cur­rency losses of 4.5 mln euros last year.

Sales rose by 2% to 308.5 mln euros, with growth in the U.S. and at home more than off­set­ting a de­cline in Egypt, where nat­u­ral gas sup­ply short­ages hurt the op­er­a­tion of its plants.

Ti­tan said it was op­ti­mistic on its per­for­mance for the rest of the year, cit­ing a con­tin­u­ing re­cov­ery in North Amer­ica and ex­pec­ta­tions for higher ce­ment con­sump­tion at home for the first time in seven years.

Ti­tan shares have fallen 5% this year against a 24% loss of the ASE gen­eral in­dex.

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