Turkey-based steel pipe producer Borusan Mannesmann Boru has announced its financial results for 2016. In the year in question, Borusan Mannesmann posted a net profit of TRY 89.37 million ($33.76 million), compared to a net profit of TRY 19.12 million recorded in 2015, while the company’s sales revenues amounted to TRY 1.96 billion ($650.4 million), rising by 0.9 percent year on year.
In the given year, premium quality product sales of the company decreased by three percent year on year to 720,000 mt. In the same period, export sales accounted for approximately 59 percent of total sales.
In addition, in 2016 the company’s pipe sales to the automotive industry increased by two percent year on year. Meanwhile, the company’s turnover from value-added spirally-welded pipe sales accounted for 35 percent of total premium quality product sales.
In the same year, Borusan Mannesmann’s drill pipe sales declined due to the lower demand for the product in question because of falling oil prices.