Greek cement maker Titan swings to profits
Greece’s largest cement maker Titan swung to profit in the fourth-quarter of last year, helped by robust performances in the United States and Egypt, the company said.
Net profit came in at 5.5 million euros ($5.9 million) compared with a loss of 2.4 million euros in the last quarter a year earlier.
Sales rose 4.5 percent to 384.9 million euros as economic growth, a declining unemployment rate and improved consumer spending in the United States boosted demand for cement.
Titan has spent more than 200 million euros to expand in the United States over the last three years. The region, which accounts for half of the company’s turnover, will remain a key driver of growth this year as well, Titan said.
The company proposed a dividend of 0.10 euros per share for 2016, down from 0.30 euros in 2015, as well as a capital return of 1 euro per share. ($1 = 0.9266 euros).