ECONOMY

Titan Q3 net profit off 31 pct

Cement company Titan yesterday reported a larger-than-expected drop in third-quarter net profits and warned of negative conditions affecting the building industry in Greece and the USA for the remainder of the year. Titan, which operates in seven countries, said third-quarter net profits fell 31.3 percent to 47 million euros, versus the 57 million euros expected by analysts. Demand for construction materials in Greece declined moderately from last year, while the housing market in the US deteriorated further and resulted in sharply lower volumes, the cement firm said. Third-quarter turnover rose 8.3 percent to 417 million euros due to recent acquisitions in Turkey and Egypt. Looking ahead, Titan said demand in Greece is expected to continue declining «as tighter liquidity and a high housing inventory weigh on construction activity.» Market conditions in emerging markets are not expected to be materially different in the remainder of the year, it added.