Greece: Titan Cement has increased its sales year-on-year in the second quarter of 2013 by 2% to Euro329m from Euro323m. The Greek-based multinational cement producer said that recovery in the US and 'resilient' demand in Egypt had compensated for continued decline in the Greek market.

Despite the increase in sales net profit fell by 81% to Euro5.3m from Euro27.8m. Earnings before interest, tax, depreciation and amortisation (EBITDA) fell by 12.6% to Euro67.9m from Euro77.7m. Overall for the half-year to 30 June 2013, sales rose by 4.4% to Euro572m and EBITDA fell by 17.8% to Euro92.2m.

In Greece demand for cement continued to decline with domestic cement sales at around just a sixth of Titan's cement production capacity. In the US, the rebound of the housing market, particularly in Florida, has had a positive effect on demand for building materials. In south-eastern Europe demand for building materials remained low and profit margins 'shrank' due to competition. In Egypt, despite political instability and problems with production, demand remained stable and Titan was able to increase sales by importing clinker. In Turkey, construction activity grew, both in the private and public sectors, as did exports.

In its outlook Titan reflected upon the mixed fortunes of its major production territories, with continued growth expected for the US, instability in Egypt and continued gloom in Europe.