Kocaeli-based Turkish steel wire and rope producer Celik Halat ve Tel Sanayii Inc. has announced its financial results for the first quarter of the current year, posting a net profit of TRY 3.06 million ($866,583), compared to a net loss of TRY 121,610 in the same quarter of the previous year, while the sales revenues of the company increased by 47 percent year on year to TRY 48.53 million ($13.74 million).
In the given quarter, Celik Halat ve Tel Sanayii produced 14,716 metric tons of steel products, up 11.32 percent year on year.
In the January-March period, Celik Halat ve Tel Sanayii's steel rope output totaled 2,852 metric tons, rising 6.18 percent, its galvanized wire production amounted to 1,168 metric tons, up 9.67 percent, spring wire output increased by 4.66 percent to 2,358 metric tons, its pre-stressed wire strand production totaled 8.338 metric tons, rising by 15.56 percent, all compared to the same period of the previous year.
In the first three months, product sales of Celik Halat ve Tel Sanayi increased by 9.23 percent year on year to 14,599 metric tons.
Meanwhile, in the first quarter the company invested TRY 1.2 million ($60,904) in equipment modernization.