19102017Headline:

Titan group says profits up in H1

Titan Group on Thursday said its consolidated turnover totaled 773.8 million euros in the first half of 2017, up 6.9 pct from the same period last year. EBITDA grew 18.9 pct to 142.1 million euros and net after tax provisions and minorities earnings grew 5.1 pct to 13.9 million euros in the January-June period this year from 9.2 million in the same period in 2016.

First quarter trends were confirmed in the second quarter, with turnover rising 6.7 pct in the April-June period to 412 million euros. EBITDA totaled 91 million euros, up 19.5 pct, and net after tax provisions and minorities earnings fell 35.9 pct to 17.8 million euros.

Titan Group said activities in the US improved further, with six-month turnover rising 22.4 pct to 456 million euros and operating earnings jumping 77.2 pct to 92.4 million.

In Greece and Western Europe, turnover fell 3.2 pct to 129.1 million euros, operating earnings fell 30.4 pct to 13.7 pct and in Southeastern Europe, turnover rose 11.3 pct to 108 million euros and operating earnings fell 10 pct to 23.6 pct.

In Egypt, turnover grew significantly in local currency but fell 33.3 pct in euros to 80.7 million and EBITDA fell 42.1 pct to 12.4 million euros. In Turkey, the company recorded a loss of 400,000 euros in the six-month period from earnings of 2.2 million in the same period last year. Finally, in Brazil, demand for cement fell 9.0 pct.

Investment spending totaled 72 million euros, up 10.4 million from the same period in 2016, largely reflecting investments in the US market.

Parent turnover fell 4.2 pct to 125.4 million euros, net results showed a loss of 8.1 million euros (from profits of 19.1 million in 2016).