Greece: Titan Cement has reported a net loss of Euro27.1m for the first three months of 2013, an increase from a net loss of Euro19.4m year-on-year. The Greek cement producer pointed out in a statement that Greece's 'unparalleled' slump in building activity had continued and that there were weak economies in many other countries where it operates.

Titan's earnings before interest, taxes, depreciation and amortisation (EBITDA) fell by 29.4% to Euro24.3m from Euro34.4m. Turnover fell to Euro243m from Euro225m.

In its outlook for the remainder of 2013, Titan anticipated that demand would continue to decline in Greece for the first half of 2013. Markets in southeast Europe will continue to be affected by the Euro-zone crisis with demand for building materials not expected to recover substantially in 2013. In Egypt, political and economic woes appear to be escalating and uncertainty is high. The severe and extended winter period in 2013 across the Balkans, Turkey and Greece significantly affected building activity. Titan said that building activity in the US has entered the recovery phase, particularly as a result of the strong momentum of the housing market, and demand for building materials is growing substantially.