Turkey’s Cemas sees net loss for Q1

Thursday, 17 May 2012 10:32:26 (GMT+2)   -  

Tags: pig iron , raw mat , Turkey , Middle East , production , fin. Reports , steelmaking , Non-EU Countries , Mediterranean | similar articles » SteelOrbis News

Kirsehir, Turkey-based foundry Cemas Dokum Sanayi AS (Cemas) has posted its consolidated financial and operational results for the first quarter of 2012, reporting a net loss of TRY 721,686 ($396,997).

In the given quarter, Cemas' sales increased by 20.4 percent to TRY 18.04 million ($9.92 million) compared to the corresponding quarter of the previous year. Meanwhile, the foundry recorded an operating loss of TRY 403,921 ($222,171) compared to an operating profit of TRY 1.05 million in the first quarter of 2011.

In January-March, Cemas' output tonnage amounted to 5,086 mt, up 1.36 percent year on year, while its sales tonnage increased by 0.16 percent to 5,150 mt compared to the corresponding period of the previous year.

Founded in 1976, Cemas increased its capacity to 25,000 metric tons in 2009, with new investments (DISA and HWS molding lines). It serves local and international markets with gray and pig iron and sphero casting parts for the automotive, durable goods and machinery industries.