BUSINESS

Titan sees net profit decline in H1, but EBITDA grows

TAGS: Business

ATHEX blue-chip company Titan Cement announced on Thursday it delivered an improved set of results in the first half of 2016, primarily due to the increased contribution from US operations as well as the improved results generated in Egypt.

Consolidated turnover reached 723.8 million euros, posting a 7.6 percent increase compared to the first half of 2015. Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) increased by 13.5 percent reaching 119.5 million.

Net profit after minority interests and the provision for taxes stood at 9.2 million, compared to 24.2 million euros in the same period the previous year.

Titan commented that the bottom line results were negatively impacted by foreign exchange translation effects, particularly those resulting from the devaluation of the Egyptian pound against the euro by 16 percent.

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