Greece: Titan Cement Group has announced that its net profit was Euro2.9m in the first half of 2014, an improvement on the net loss of Euro21.8m that it made in the same period of 2013. Turnover totalled Euro571m, up by 4% from 2013, while earnings before interest, taxes, depreciation, and amortisation (EBITDA) were unchanged at Euro89m. Titan said that foreign exchange fluctuations had a negative impact on its results in the first half of 2014 and noted that in a stable foreign exchange environment, turnover and EBITDA would have risen by 7% and 4% respectively. All markets in which Titan Cement has established activities grew in the first half of 2014.
In the second quarter of 2014, turnover grew by 2% to Euro319m, the ninth successive quarter of turnover improvement. Titan Cement's EBITDA was Euro58.5m, down by 9.9% year-on-year, while second quarter profits were Euro13.9m, a year-on-year increase of 164%.