In the first semester of the 2012 fiscal year, the company posted profit of RON1.5 million, down 71.4% from EUR5.5 million at the end of March 2011.
Revenue dropped by 26.3% to RON139.1 million, while expenses were reduced by 24.6% to RON137.4 million.
Titan expects sales down by almost 5% to RON331.6 million (EUR76.4 million) in this fiscal year.
Austrian firm LLI Euromills, a member of the Leipnik-Lundenburger Invest Beteiligungs group, owns 97.58% of Titan’s stock. The group is controlled by Raiffeisen-Holding Niederösterreich (50.05%) and Raiffeisen Zentralbank Österreich (33.06%), according to information on the group’s website.
On Tuesday in Bucharest, Titan traded at RON0.254 per share. (EUR1=RON4.4411)