Titan Cement sees profits jump

Greek cement maker Titan said on Thursday its third-quarter net profit more than tripled, helped by foreign exchange gains from a weakening euro.

Titan, which also has operations in the Balkans, Turkey and Egypt, had been hit hard by a weak US housing market and the Greek debt crisis, but its fortunes began to improve last year, helped by the resumption of a major Greek highway project and a recovery in the United States.

Net profit rose to 27.6 million euros in the third quarter from 7.2 million in the same period last year.

A weaker euro against the dollar and the Egyptian pound led to foreign exchange gains of 21 million euros in the quarter, Titan said.

Last year, it had currency losses of 4.5 million euros. Sales rose by 2 percent to 308.5 million euros, with growth in the United States and Greece more than offsetting a decline in Egypt, where natural gas supply shortages hurt the operation of its plants.

[Reuters]