Greek cement producer Titan says its second-quarter net profit more than doubled thanks to strong growth in the United States, increasing to US$18.6 million (€13.9 million) from $7 million (€5.3 million) in the same period last year. Titan was hit by the US housing market and Greek debt crises but has fared better since last year thanks to a recovery in demand for building materials in the United States and the kick-start of a major toll road project in Greece.
Greek cement producer Titan says its second-quarter net profit more than doubled thanks to strong growth in the United States, increasing to US$18.6 million (€13.9 million) from $7 million (€5.3 million) in the same period last year.
Titan was hit by the US housing market and Greek debt crises but has fared better since last year thanks to a recovery in demand for building materials in the United States and the kick-start of a major toll road project in Greece.
Earnings before interest, tax, depreciation and amortisation (Ebitda) fell 9.9% to $78.3 million (€58.5 million).
The company said gas shortages in Egypt, Titan's biggest market, weighed on results, but it is investing in alternative fuels to address the issue.
