Borusan Mannesmann registers growth in sales revenue in Q3

Tuesday, 11 November 2014 11:13:47 (GMT+3)   |   Istanbul
       

Turkey's leading steel pipe producer Borusan Mannesmann Boru has announced its financial results for the third quarter and the first nine months of this year, posting a net profit of TRY 10.9 million ($4.8 million) in the third quarter, declining by 62.1 percent compared to the corresponding quarter of the previous year. In the given quarter, Borusan Mannesmann's sales revenues increased by 15.7 percent year on year to TRY 398.6 million ($175.7 million), while its operating profit amounted to TRY 26.6 million ($11.7 million), rising from TRY 11.44 million in the third quarter of 2013.
  
During the first nine months of the current year, Borusan Mannesmann's net profit decreased by 40.4 percent to TRY 21.5 million ($9.5 million), while the company's sales revenues increased to TRY 1.1 billion ($485.1 million), up 25 percent, both year on year. In the January-September period, the company's operating profit rose by 97.9 percent to TRY 61.18 million ($27 million), compared to the corresponding period of the previous year.
 
In the first nine months of 2014, Borusan Mannesmann's steel pipe sales increased 8.86 percent year on year, rising to 479,000 metric tons. Sales of high value-added products, mainly pressure pipes, special pipes and spiral pipes, accounted for 52 percent of total sales. In the same period, the company's export volume rose by 19.6 percent compared to the same period of 2013.
 
According to Borusan Mannesmann, in the January-September period, its standard pipe export volume increased by 53 percent, while exports to the automotive industry expanded by 16 percent, both year on year.
 
Regarding the countervailing duty of 15.89 percent imposed by the US Department of Commerce in July on OCTG imports, Borusan Mannesmann does not expect a negative impact on the company's position in the US OCTG market.

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