Turkey-based steel pipe producer Borusan Mannesmann Boru has announced its financial results for the first quarter of the current year. In the first quarter, Borusan Mannesmann recorded a net profit of TRY 17.32 million ($5.83 million) compared to a net loss of TRY 10.8 million in the same period of the previous year, while the company’s sales revenues amounted to TRY 506.8 million ($170.6 million), rising by 32.6 percent year on year.
In the given quarter, premium quality product sales of the company increased by 30 percent to 196,000 mt compared to the first quarter of 2015, mainly due to the increase in high value-added steel pipe sales. In the same period, exports 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 11 percent year on year. The company’s pressurized, special and spiral product sales revenues rose 47 percent compared to the same period of the previous year. Meanwhile, the company’s turnover from value-added spirally-welded pipe sales accounted for 40 percent of total premium quality product sales.