Turkish steel wire producer sees decline in net profit in Q1

Kocaeli-based Turkish steel wire and rope producer Celik Halat ve Tel Sanayii Inc. has announced its financial results for the first quarter this year, posting a net profit of TRY 1.3 million ($488,143), down 49.6 percent, while the sales revenues of the company decreased by 17.3 percent year on year to TRY 30.75 million ($11.5 million).
 
In the given quarter, Celik Halat ve Tel Sanayii produced 14,230 metric tons of steel products, down 2.63 percent year on year.
 
In the January-March period, Celik Halat ve Tel Sanayii's steel rope output totaled 2,816 metric tons, falling 4.41 percent, its galvanized wire production amounted to 624 metric tons, down 5.45 percent, spring wire output increased by 10.06 percent to 2,209 metric tons, its bead wire production decreased by 80.84 percent to 259 metric tons, while its pre-stressed wire strand production totaled 8,322 metric tons, increasing by 8.8 percent, all compared to the same period of the previous year.
 
In the first three months, product sales of Celik Halat ve Tel Sanayi increased by 11 percent year on year to 13,554 metric tons.