In January-September this year, Bursa-based Turkish steelmaker Cemtas Celik Makina Sanayi ve Ticaret A.S (Cemtas) posted a net profit of TRY 19.6 million ($11.2 million), compared to the loss of TRY 4.4 million in the corresponding period of 2010.
Total sales revenues of the company in the first nine months of this year increased 45.2 percent to TRY 173.2 million ($98.9 million) as compared to the first nine months of the previous year. In the given period, Cemtas also reported an operating income of TRY 18.6 million ($10.6 million), compared to an operating loss of TRY 7.02 million in the first nine months of the previous year.
In the January-September period of the current year, Cemtas' steel billet output totaled 101,178 mt, dropping by four percent year on year, while its rolled steel output decreased by 4.1 percent to 93,020 mt compared to the corresponding period of 2010.
Cemtas stated that steel prices were volatile since raw material prices were fluctuating as well as demand. The company expects demand to continue fluctuating in the last quarter of 2011.