Greek cement maker Titan's Q3 profit jumps, boosted by weaker euro

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Updated Fri, 14 Nov 2014 09:59:32 GMT

Nov 13 (Reuters) - Greek cement maker Titan said on Thursday its third-quarter net profit more than tripled, helped by foreign exchange gains from a weakening euro.

Titan, which has also operations in the Balkans, Turkey and Egypt, had been hit hard by a weak U.S. housing market and the Greek debt crisis. But its fortunes began to improve last year, helped by the restart of a major Greek toll road project and a recovery in the United States.

Net profit rose to 27.6 million euros in the third quarter from 7.2 million in the same period last year. A weaker euro against the dollar and the Egyptian pound led to foreign exchange gains of 21 million euros in the quarter, Titan said.

Last year, it had currency losses of 4.5 million euro.

Sales rose by 2 percent to 308.5 million euros, with growth in the United States and Greece more than offsetting a decline in Egypt, where natural gas supply shortages hurt the operation of its plants.

Titan said it was optimistic on its performance for the rest of the year, citing a continuing recovery in the United States and expectations for higher cement consumption in Greece for the first time in seven years.

Titan shares have fallen 5 percent this year against a 24 percent loss for the Athens bourse's general index.