Turkish pipemaker Erbosan increases its profit in 2010
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On March 10, Kayseri-based Turkish pipe producer Erbosan Erciyas Boru Sanayii Inc. (Erbosan) announced its financial results for the fourth quarter and the whole year of 2010, stating that it has recorded an increase in its net profit on year-on-year basis.
Erbosan's sales revenues in 2010 increased to TRY 121.8 million (approx. $77.1 million), rising from TRY 97.5 million in 2009. On the other hand, the producer recorded a net profit of TRY 7.1 million (approx. $4.5 million) in 2010, compared to a net profit of TRY 6.6 million in 2009.
Fourth quarter sales revenues of TRY 35 million (approx. $22.2 million) compare with TRY 30.1 million in the last quarter of 2009. Erbosan achieved a net profit of TRY 2.3 million (approx. $1.5 million) in the final three months of 2010, increasing from a net profit of TRY 2 million in the corresponding quarter of the previous year.