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UPDATE 2-Strong U.S. sales help Greece's Titan defy crisis at home
2015年7月30日 / 下午2点50分 / 2 年前

UPDATE 2-Strong U.S. sales help Greece's Titan defy crisis at home

* Q2 profit up 26 pct despite Greek crisis

* Strong U.S. operations drives performance

* Titan says has ample liquidity to meet obligations (Adds senior executives comments)

ATHENS, July 30 (Reuters) - Buoyant sales in the United States helped Greece’s second-largest cement maker Titan post a 26 percent rise in second-quarter profit on Thursday despite dire economic conditions at home.

About 80 percent of Titan’s revenue comes from the United States, where higher demand for building materials and a stronger dollar boosted performance in the second quarter.

The company said it had taken “the necessary safeguards to ensure the continued operation of its plants in Greece” and that it had enough liquidity to meet its obligations.

“Cash and available facilities provide ample liquidity for the group to meet its obligations and working capital needs even under stress scenarios,” chief financial officer Michael Colakides told analysts in a call after the results.

He said that about two-thirds of the company’s cash was deposited with European banks outside Greece at the end of June.

Weak demand and a liquidity crunch exacerbated by three weeks of bank closures and capital controls have hit sales. But Chief Executive Officer Dimitri Papalexopoulos said strong exports and profit margins would ensure that Greek operations “remain cash positive during the second half of the year”.

Greece accounts for about 7 percent of the group’s total sales.

Titan forecast higher operating profit this year, with the United States being the main driver.

Net profit climbed to 17.6 million euros ($19.2 million) in the second quarter compared with 13.9 million euros during the same period a year ago.

Sales increased 25.8 percent to 389 million euros.

$1 = 0.9152 euros Reporting by Angeliki Koutantou; Editing by Mark Potter and David Evans

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