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]

Subscribe to our Newsletters

Enter your information below to receive our weekly newsletters with the latest insights, opinion pieces and current events straight to your inbox.

By signing up you are agreeing to our Terms of Service and Privacy Policy.