Greece: Titan has announced that its third quarter net profit more than tripled, helped by foreign exchange gains from a weakening Euro.
Titan's net profit rose to Euro27.6m in the third quarter of 2014, compared to Euro7.2m in the same period of 2013. A weaker Euro against the Dollar and the Egyptian Pound led to foreign exchange gains of Euro21m in the quarter. In 2013, Titan had currency losses of Euro4.5m.
Sales rose by 2% year-on-year to Euro309m, with growth in the US and Greece more than offsetting a decline in Egypt, where natural gas supply shortages hurt the operation of its plants. Titan said that it was optimistic on its performance for the rest of 2014, citing a continuing recovery in the US and expectations for higher cement consumption in Greece for the first time in seven years.