Turkish rebar producer Izmir Demir Çelik Sanayi A.Ş. (IDC) has announced its financial results for the third quarter and the first nine months of the current year.
In the third quarter of this year, IDC registered a net loss of TRY 26.79 million ($8.19 million), compared to a net loss of TRY 125.76 million in the same quarter of 2015. The company's sales revenues increased by 9.4 percent year on year to TRY 500.9 million ($153.16 million). In the given quarter, IDC recorded an operating profit of TRY 7.11 million ($2.17 million) compared to an operating profit of TRY 3.7 million in the same period of the previous year.
In the January-September period this year, IDC recorded a net profit of TRY 30.26 million ($9.25 million) compared to a net loss of TRY 250.3 million registered in the first nine months of the previous year. In the given period of the current year, the company’s sales revenue amounted to TRY 1.62 billion ($495.5 million), rising five percent year on year, while it registered an operating profit of TRY 98.12 million ($30.01 million) compared to the operating profit of TRY 34.01 million in the same period of 2015.
IDC said that in the first nine months of this year its steel billet output increased by 12 percent to 972,828 mt, while its rebar production amounted to 693,476 mt, rising by 15 percent, both year on year. Besides, 256,266 mt of rebar was also produced by the company's contractual partners in the given period, with a year-on-year increase of four percent. During the same period, the company produced 196,543 mt of steel sections at its medium section mill, up one percent year on year.
Meanwhile, in the first half this year, IDC’s finished steel sales increased by 8.3 percent to 1.13 million mt, while its export sales decreased by four percent to 365,000 mt, both year on year.