Turkish rebar producer Izmir Demir Çelik Sanayi A.Ş. (IDC) has announced its financial results for the second quarter and first half of the current year.
In the second quarter of this year, IDC registered a net profit of TRY 22 million ($7.5 million), compared to a net loss of TRY 7.3 million in the same quarter of 2015. The company's sales revenues increased by 19.3 percent year on year to TRY 611.5 million ($208.4 million). In the given period, IDC recorded an operating profit of TRY 52.27 million ($17.8 million) compared to an operating profit of TRY 25.35 million in the same period of the previous year.
In the January-June period this year, IDC recorded a net profit of TRY 57.05 million ($19.4 million) compared to a net loss of TRY 124.5 million registered in the first half of the previous year. In the given period of the current year, the company’s sales revenue amounted to TRY 1.11 billion ($381.6 million), rising 3.3 percent year on year, while it registered an operating profit of TRY 91 million ($31 million) compared to the operating profit of TRY 30.2 million in the same period of 2015.
IDC said that in the first half of this year its steel billet output increased by 14 percent to 673,575 mt, while its rebar production amounted to 479,190 mt, rising by 17 percent, both year on year. Besides, 177,892 mt of rebar was also produced by the company's contractual partners in the given period, with a year-on-year increase of five percent. During the same period, the company produced 139,665 mt of steel sections at its medium section mill, up four percent year on year.
Meanwhile, in the first half this year, IDC’s finished steel sales increased by 9.4 percent to 810,112 mt, while its export sales decreased by 16 percent to 272,602 mt, both year on year.