ECONOMY

Greece’s Titan Cement heading for second year of losses

Greece’s biggest cement maker Titan is heading for a second consecutive year of losses, weighed down by an austerity-fueled construction slump at home, its nine-month earnings indicated on Tuesday.

The company posted a net loss of 15 million euros for January-September, compared with a 2-million-euro profit in the same period last year.

Analysts also expect losses in the fourth quarter when construction activity typically subsides because of winter, according to Thomson Reuters Eikon data, meaning Titan is likely to be in the red for the full year.

The company posted a loss last year for the first time since at least 1994, amounting to 24.5 million euros and forcing it to abandon a dividend payment for the first time since the 1950s.

Titan has mitigated some of the domestic slump in construction by increasing exports to countries such as Libya and benefiting from economic recovery in the United States, which accounts for about a third of its sales volume.

[Reuters]