Net income fell to 29.5 million euros ($40 million) in the three months to Sept. 30, from 30 million euros a year earlier, the Athens-based company said in a faxed statement today. Sales dropped 19 percent to 282 million euros as “the unprecedented decline in construction” in Greece continued, Titan said.
The prospects for construction in Greece “remain bleak” with demand for building materials “all but evaporated” and the company said it will focus on reducing costs. In the U.S., weak growth and high unemployment have “dashed expectations of a meaningful recovery” in construction for the short term, the company said.
The sale of excess carbon dioxide emission rights, made possible by low levels of production at cement plants, helped to mitigate the lower operating profit, according to the statement.
To contact the reporter on this story: Paul Tugwell in Athens at email@example.com
To contact the editor responsible for this story: Angela Cullen at firstname.lastname@example.org