ECONOMY

Titan reports first annual loss in at least 19 years

Titan, Greece’s biggest cement producer, reported its first annual loss in at least 19 years on Monday, hurt by a crippling recession in its austerity-struck home market. The company also said it would not pay a dividend for the second consecutive year.

Before the Greek crisis, Titan had been distributing dividends without interruption since the mid-1950s. The company said it swung to a net loss for 2012 of 24.5 million euros from a profit of 11 million in the previous year.

This is the first time Titan has posted a loss according to Reuters data reaching back to 1994. [Reuters]