Turkey's leading steel pipe producer Borusan Mannesmann Boru has announced its financial results for the second quarter and the first half this year, posting a net profit of TRY 50.15 million ($17.1 million) in the second quarter, rising from TRY 20.99 million in the corresponding quarter of the previous year. In the given quarter, Borusan Mannesmann's sales revenues improved by four percent year on year to TRY 506.7 million ($172.89 million), while its operating profit amounted to TRY 65.7 million ($22.42 million), compared to an operating profit of TRY 32.46 million in the second quarter of 2015.
During the first six months of the current year, Borusan Mannesmann recorded a net profit of TRY 67.3 million ($22.96 million) compared to a net profit of TRY 9.69 million in the same period of 2015, while the company's sales revenues increased to TRY 1 billion ($344.2 million), up 14 percent, both year on year. In the first half, the company's operating profit amounted to TRY 108.16 million ($36.89 million), increasing from TRY 36.88 million in the first half of the previous year.
In the first six months of the current year, Borusan Mannesmann's premium quality product sales increased 11 percent year on year, rising to 384,000 metric tons, mainly due to the increase in high value-added steel pipe sales. In the same period, export sales accounted for 58 percent of total sales.
In addition, in the given period the company’s pipe sales to the automotive industry increased by six percent year on year. Meanwhile, the company’s turnover from value-added spirally-welded pipe sales accounted for 41 percent of total premium quality product sales.