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 89.37 million ($28.17 million), compared to a net profit of TRY 36.8 million recorded in the same period of 2015, while the company’s sales revenues amounted to TRY 1.44 billion ($454.11 million), rising by 2.25 percent year on year.
In the first nine months of this year, premium quality product sales of the company increased by three percent year on year to 545,000 mt, mainly due to the increased sales of value-added products. In the same period, export sales accounted for 60 percent of total sales.
In addition, in the given period the company’s pipe sales to the automotive industry increased by three percent year on year. Meanwhile, the company’s turnover from value-added spirally-welded pipe sales accounted for 39 percent of total premium quality product sales.
Borusan Mannesmann stated that it has completed the supply of 12-24.5 meter pipes with 36 inch diameter for the Tuxpan-Tula gas line project in Mexico. With this tender worth $33 million, Mexico received 24.5 meter pipes from an overseas supplier for the first time.