Borusan Mannesmann posts sales revenue of TRY 2.66 billion for Jan-Sept

Monday, 09 November 2020 18:06:24 (GMT+3)   |   Istanbul
       

Turkey’s leading steel pipe producer Borusan Mannesmann Boru has announced its financial results for the first nine months of the current year, posting a net loss of TRY 100.70 million ($14.49 million) for the first nine months, compared to a net profit of TRY 48.43 million in the corresponding period of the previous year. In the given period, Borusan Mannesmann’s sales revenues declined by 20.6 percent year on year to TRY 2.66 billion ($396.91 million).

Although profitable sales were recorded in the first half of the year, no profit was registered in the second half due to the exposure to tax given the quota on sales that were already booked.

In the first nine months of the current year, the company’s premium quality product sales were down by 21 percent year on year to 380,000 mt due to the coronavirus pandemic and the crisis in the oil sector. In the same period, 66 percent of the company’s premium quality product sales were directed to export markets. The company’s turnover from sales of high value-added pipes which includes special and spiral pipes accounted for 77 percent of the total premium quality product sales turnover, while its turnover from high value-added drilling pipe sales accounted for 36 percent of the total premium quality product sales turnover. In the same period, the company’s turnover from value-added spirally-welded pipe sales amounted to 13 percent of the turnover from the total sales of premium quality pipes. Steel pipe sales for the automotive sector in the first nine months of the current year lagged behind the levels recorded in the same period of 2019 due to the slowdown in local demand and the recession in the European market. The company’s turnover from the pipe sales to the automotive sector in the first nine months of the current year accounted for 20 percent of the total premium quality product sales turnover.

The company stated that the value of its investment in the given period was TRY 125.06 million ($15.14 million). It also stated that the decision to refund the company $14 million of US Section 232 duties has been appealed and that a stay of execution has been requested.


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