13 May 2016
Greece: Titan has reported a loss of Euro18.6m for the first quarter of 2016. The figure is a loss compared to the net profit of Euro6.6m it made in the same period in 2015. However, its sales turnover rose by 19% to Euro338m from Euro284m and its earnings before interest, taxation, depreciation and amortisation (EBITDA) rose by 86% to Euro43.3m from Euro23.2m. The company blamed the loss on currency exchange variations particularly from the devaluation of the Egyptian pound against the Euro by 19%.
The group noted that its sales had increased in the quarter in all regions with the exception of Greece. By region it saw strong growth in the US with a 34% in turnover to Euro174m. In Greece construction was mostly limited to government projects limited by the continued economic problems and capital controls. In the group’s south-eastern Europe regions turnover rose by 27.6% to Euro35.8m. In Egypt demand for cement continued to grow helped by the use of solid fuels at its plants. Turnover in the quarter increased by 8.3% to Euro65.3m.
Italy: Cementir has made a loss of Euro6m in the first quarter of 2016. It made a profit before tax of Euro3.8m in the same period in 2015. It reported that its revenue rose by 2.8% to Euro210m from Euro205m. Its sales volumes of grey and white cement rose by 8.7% to 2.01Mt from 1.85Mt.
The Italian cement producer reported strong performances in the Scandinavian countries, Malaysia and Egypt. Sales revenue in Turkey increased in the quarter but this was offset by currency fluctuations. In China revenue fell by 9% year-on-year in the period. In Italy revenue fell by 8% due to a fall in sales volumes of cement.
India: The Heavy Industry Minister Anant Geete has arranged a meeting with officials of the Telangana state government and the Cement Corporation of India (CCI) to discuss the possibility of opening the closed CCI cement plant in Adilabad. The meeting will be held in June 2016 at Hyderabad or New Delhi, according the Hindu newspaper.
The meeting is the second occasion that ministers from Telangana have met with Geete to lobby for the reopening of the CCI plant. Options being considered include privatising the plant or retaining control by the government. The cement plant has a production capacity of 4Mt/yr.