Turkish integrated long steel producer Kardemir Karabuk Demir Celik Sanayi ve Ticaret A.S. (Kardemir) has announced its financial results for the second quarter and the first half of the current year.
In the second quarter, Kardemir registered a net profit of TRY 110.08 million ($31.17 million), compared to a net profit of TRY 30.99 million in the corresponding quarter of the previous year. Sales revenues of the company increased by 87.5 percent year on year to TRY 997.74 million ($282.53 million). The company registered an operating profit of TRY 120.83 million ($34.21 million), rising by 74.6 percent compared to the same quarter of 2016.
In the first half of this year, Kardemir recorded a net profit of TRY 104.48 million ($29.58 million) compared to a net profit of TRY 31.24 million in the same period of the previous year. In the first half, the company’s sales revenues went up by 80.2 percent year on year to TRY 1.86 billion ($528 million), while its operating profit increased to TRY 179.59 million ($50.85 million) from an operating profit of TRY 52.31 million recorded in the same period of 2016.
In the first six months, Kardemir produced 1.22 million mt of crude steel - up 18.7 percent, and 2,368 mt of pig iron - falling from 8,045 mt, both on year-on-year basis. Meanwhile, in the period in question, the company's billet output totaled 266,295 mt, declining by 21.06 percent, while its bloom output amounted to 239,944 mt, increasing by 24.3 percent, both compared to the first half of 2016.
Kardemir's rebar output in the January-June period this year rose by 22.8 percent to 336,965 mt, while its rail product output totaled 45,446 mt, up 8.5 percent, both compared to the corresponding period of the previous year. During the first half of this year, Kardemir produced 169,953 mt of steel sections, rising by 30.2 percent year on year.