Turkish integrated long steel producer Kardemir has announced its consolidated financial results for the second quarter and first half of 2009.
According to the statement from Kardemir, the company's consolidated net loss for the second quarter of the year totaled TRY 25.69 million ($17.25 million), compared to a net profit of TRY 103.82 million in Q2 2008. In the period in question, Kardemir's sales revenues declined by 35.14 percent year on year to TRY 197.64 million ($133.41 million) including exports worth TRY 17.09 million ($11.52 million).
On the other hand, in the first half of the current year Kardemir registered a net loss of TRY 46.47 million ($31.38 million), compared to a net profit of TRY 130.2 million in H1 2008. In the first six months of this year, Kardemir's sales revenues decreased by 24.57 percent year on year to TRY 401.96 million ($271.38 million), including exports worth TRY 24.60 million ($16.58 million).
As of June 30 this year, the company's short-term liabilities amounted to TRY 247.38 million ($167 million), while its long-term liabilities totaled TRY 193.89 million ($130.88 million).