Turkish pipemaker Özbal Çelik Boru has announced its financial results for the second quarter and the first half of 2013.
In the second quarter, Özbal registered a net loss of TRY 3.93 million ($2.03 million), compared to a net loss of TRY 1.8 million in the corresponding quarter of the previous year. Total sales revenues of the company increased by 19.4 percent year on year to TRY 37.72 million ($19.5 million). Özbal also reported an operating loss of TRY 929,916 ($481,330) for the given period, compared to an operating loss of TRY 852,706 in the second quarter of 2012.
During the first six months of the current year, Özbal recorded a net loss of TRY 4.8 million ($2.48 million), compared to a net loss of TRY 2.74 million in the second half of the previous year. Sales revenues of the company in the first half amounted to TRY 61.95 million ($32 million), up 41 percent year on year. Özbal registered an operating loss of TRY 256,451 ($132,740) in the first half, compared to an operating loss of TRY 854,086 in the corresponding period of the previous year.
Özbal stated that it increased its annual production capacity from 150,000 mt to 340,000 mt during the month of May this year. The company also aims to increase the number of its export destinations which currently stands at 30. Özbal indicated that there are no investment plans scheduled for the remainder of the current year, adding that the maintenance and upgrading works are continuing.