Erdemir Group’s net profit down 37.5 percent in H1

Thursday, 11 August 2016 16:32:46 (GMT+3)   |   Istanbul
       

Turkish integrated steelmaker Erdemir Group has announced a net profit of TRY 331.34 million ($111.95 million) for the second quarter this year, falling by 26.8 percent year on year, while the company's sales revenues amounted to TRY 2.66 billion ($901.43 million), down 15.8 percent compared to the corresponding quarter of the previous year. The company's operating income in the given quarter decreased by 27.6 percent year on year to TRY 407.3 million ($137.65 million).
 
During the first six months, Erdemir Group’s net profit decreased by 37.5 percent to TRY 499.43 million ($168.7 million) compared to the corresponding period of the previous year. The company’s sales revenues amounted to TRY 5.24 billion ($1.77 billion), down 13.5 percent year on year, while the operating profit amounted to TRY 625.5 million ($211.3 million) compared to the operating profit of TRY 1.07 billion in the same period of 2015.
 
Regarding the operational results, in the first half Erdemir Group produced 4.5 million mt of crude steel, up three percent, including 1.8 million mt of crude steel produced at the Eregli works, down seven percent, and 2.71 million mt at the Iskenderun works, up 11 percent, all year on year.
 
In the first six months of this year, the flat steel output of Erdemir Group decreased by 6.3 percent to 3.54 million mt, while the company's long steel output amounted to 789,000 mt, up 24 percent, both year on year. Additionally, Erdemir Group's flat steel sales volumes increased by 0.82 percent year on year to 3.67 million mt, while its long steel sales volumes increased by 20.6 percent year on year to 782,000 mt.
 
In the January-June period, Erdemir Group exported 483,000 mt of steel products, including 381,000 mt of flat steel and 102,000 mt of long steel, accounting for 11 percent of total sales. The steel producer exports flat products to 37 countries and long products to 10 countries.

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