Turkish pipemaker Özbal Çelik Boru has announced its financial results for the first quarter of 2013.
In the first quarter, Özbal registered a net loss of TRY 897,314 ($486,238), compared to a net loss of TRY 948,916 in the corresponding quarter of the previous year. Total sales revenues of the company increased by 96.3 percent year on year to TRY 24.2 million ($13.12 million). Özbal also reported an operating profit of TRY 354,709 ($192,206) for the given period, compared to an operating loss of TRY 2.13 million in the first quarter of 2012.
Özbal stated that it has revised its turnover expectations for 2013 from TRY 130 million to TRY 160 million, mainly due to the anticipated increase in domestic infrastructure investments. For 2013, the company aims to be awarded contracts with higher profit margins, by participating in domestic and overseas tenders. According to Özbal, North African and Central Asian countries, which place emphasis on infrastructure funds, and Iraq with its reconstruction represent important markets for the company.