Titan Cement net falls on weak demand in Greece, US

Titan Cement said on Tuesday that profit dropped 13% to 208 million euros in 2008 on a sharply weaker demand in United States and Greece.

{reg} The housing crisis in the United States, which accounts for about one third of Titan's total sales, and a double-digit percentage drop in Greek building activity last year is hurting sales, Reuters said.

Titan said it will reduce costs and debt to prepare for further deterioration in its key markets. "Our priorities for 2009 focus on generating free cash flows for the reduction of debt, on cutting costs and general and administrative expenses," Titan said in a statement.

Group sales rose 5% to 1,57 billion euros, as acquisitions in Turkey and Egypt last year boosted capacity.

Titan reported that a new plant in Albania and a second line in Egypt will further improve sales as of 2010. Titan is active in the US, Greece, Egypt, Bulgaria and Serbia.