Borusan Mannesmann records increased net profit in January-September

Friday, 10 November 2017 17:31:30 (GMT+3)   |   Istanbul
       

Turkey-based steel pipe producer Borusan Mannesmann Boru has announced its financial results for the first nine months of the current year. In the given period, Borusan Mannesmann posted a net profit of TRY 183.94 million ($47.55 million), compared to a net profit of TRY 89.37 million recorded in the same period of 2015, while the company’s sales revenues amounted to TRY 2.02 billion ($522.59 million), rising by 40 percent year on year.

In the first nine months of the current year, 64 percent of the company’s premium quality product sales were directed to export markets. In the given period, the company’s standard pipe sales volume increased by 23 percent year on year, while its pressurized, special and spiral product sales volume accounted for 67 percent of its total premium quality product sales volume.

In the January-September period, the company’s drill pipe sales increased both in value and volume compared to the same period of 2016 and the gross profit from drill pipe sales was above expectations. Meanwhile, in the same period, Borusan Mannesmann’s pipe sales to the automotive industry also showed a year-on-year increase both in volume and value.


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