Isdemir announces profit for the month of July
Isdemir Demir Celik A.S. (ISDEMIR) declared an operating profit of $1.1 million in July 2002. The company was taken over by another major integrated Turkish mill, Eregli Demir ve Celik Fabrikalari T.A.S. (
ERDEMIR).
The notice sent to the Istanbul Stock Exchange (ISE) by
Erdemir states that total
production of Isdemir within the period between February 01 – July 31 of year 2002 is 839.000 tons and the total tonnage of sales effected is 871.000. According to this notice, net sales revenue obtained from these sales equal to $155millon.
The positive effect of the restructuring and cost reducing processes is emphasized on the notice sent to ISE making a reference to a comparison of Isdemir's $63.5million loss for the first half of 2001 and the $20.7 million cumulative 6 months loss for the period of February 01-July 31 2002.
According to the reports, Isdemir's profit on monthly basis is calculated to be $1.1million for the month of July.