Powtech, 27/9 - 29/9, Nuremberg, Germany. Leading trade fair for Powder & Bulk Solids Procssings & Analytics. Get Your Ticket Now!
Powtech, 27/9 - 29/9, Nuremberg, Germany. Leading trade fair for Powder & Bulk Solids Procssings & Analytics. Get Your Ticket Now!
Global Cement
Online condition monitoring experts for proactive and predictive maintenance - DALOG
Your Particulate and Gaseous pollution abatement partner - Thermax
  • Home
  • News
  • Conferences
  • Magazine
  • Directory
  • Reports
  • Members
  • Live
  • Login
  • Advertise
  • Knowledge Base
  • Alternative Fuels
  • Services
  • Jobs
  • Privacy & Cookie Policy
  • About
  • Register
  • Trial subscription
  • Contact
News Titan profit drops by 89%

Titan profit drops by 89%

Written by Global Cement staff 02 March 2012
  • Print

Greece: Titan Cement, Greece's biggest cement producer, has posted an 89% drop in its 2011 net profit compared to that of 2010. It has forecast further declines in 2012 after the collapse of the building industry in its recession-hit home market. The company, which recently celebrated its 100-year anniversary, said that it will not distribute a dividend for the first time in 58 years.

Titan has been hit hard by a plunge in private housing investment and drastic cutbacks in public spending on infrastructure in Greece, which is stuck in its fifth year of recession at the centre of the Eurozone crisis.

The group said that its net profit fell to Euro11m in 2011 from Euro103m in 2010. Conditions at home are not expected to improve in 2012.

"In Greece there is no visibility at this time of either a reversal of the downward trend in private construction or the much anticipated restarting of infrastructure works," the company said in a statement."Demand for the group's products will record a further considerable decline in 2012."

The company has been counting on growth in new markets such as north Africa and Turkey to offset building slumps in Greece and the United States and difficult conditions in Egypt where it also has operations. However, political unrest in Libya, where Titan runs two cement plans, halted exports to the region throughout 2011. Group sales across all of Titan's markets declined by 19% year-on-year to Euro1.1bn in 2011. Its earnings before interest, tax, depreciation and amortisation (EBITDA) fell by 23% to Euro243m.

Titan has embarked on a two-year restructuring plan, which is expected to cut costs by Euro26m/yr. The impact of the restructuring and a Euro19m asset impairment charge hurt its fourth quarter performance. In the last quarter of 2011, Titan had a net loss of Euro42m versus a net profit of Euro5m in the same period in 2010.

Last modified on 07 March 2012
Published in Global Cement News
Tagged under
  • Results
  • Greece
  • Titan
  • GCW39

Register for the Global Cement Weekly email newsletter

Global Cement Weekly is Global Cement’s weekly email newsletter. Keep up to date with cement industry news, analysis, diary dates and news of people in the sector.

Register >

Related items

  • PPC increases sales as earnings fall in 2022 financial year
  • Energy costs in Australia and beyond
  • Marcel Cobuz appointed as chair of the executive committee of Titan Cement
  • South Valley Cement increases sales and reduces loss in first quarter of 2022
  • Tokyo Cement increases sales in 2022 financial year
back to top
“AI
“Loesche
“Airscape
P84 HT filter bags ensure the best filtration performance: Evonik - Leading Better Chemistry
Acquisition Cemex China CO2 concrete coronavirus Export France Germany Government grinding plant HeidelbergCement Holcim Import India Lafarge LafargeHolcim Mexico Nigeria Pakistan Plant Product Production Results Russia Sales Sustainability UK Upgrade US
« July 2022 »
Mon Tue Wed Thu Fri Sat Sun
        1 2 3
4 5 6 7 8 9 10
11 12 13 14 15 16 17
18 19 20 21 22 23 24
25 26 27 28 29 30 31



Sign up for FREE to Global Cement Weekly
Global Cement LinkedIn
Global Cement Facebook
Global Cement Twitter
  • Home
  • News
  • Conferences
  • Magazine
  • Directory
  • Reports
  • Members
  • Live
  • Login
  • Advertise
  • Knowledge Base
  • Alternative Fuels
  • Services
  • Jobs
  • Privacy & Cookie Policy
  • About
  • Register
  • Trial subscription
  • Contact
  • Conferences & Webinars >>
  • Global Ash
  • Global CemBoards
  • Global CemCCUS
  • Global CemEnergy
  • Global CemFuels
  • Global CemPower
  • Global CemProcess
  • Global CemProducer
  • Global Cement Quality Control
  • Global CemTrans
  • Global Concrete
  • Global FutureCem
  • Global Gypsum
  • Global GypSupply
  • Global Insulation
  • Global Slag
  • Global Synthetic Gypsum
  • Global Well Cem
  • African Cement
  • Asian Cement
  • American Cement
  • European Cement
  • Middle Eastern Cement
  • Magazine >>
  • Latest issue
  • Articles
  • Editorial programme
  • Contributors
  • Link
  • Awards
  • Back issues
  • Subscribe
  • Photography
  • Register for free copies
  • The Last Word
  • Websites >>
  • Global Gypsum
  • Global Slag
  • Global CemFuels
  • Global Concrete
  • Global Insulation
  • Pro Global Media
  • PRoIDS Online
  • Social >>
  • LinkedIn
  • Facebook
  • Twitter

© 2022 Pro Global Media Ltd. All rights reserved.