Turkey's leading steel pipe producer Borusan Mannesmann Boru has announced its financial results for the second quarter and the first half of the current year, posting a net profit of TRY 61.22 million ($10.49 million) in the second quarter, rising from TRY 101.69 million in the corresponding quarter of the previous year. In the given quarter, Borusan Mannesmann's sales revenues improved by 17 percent year on year to TRY 911.59 million ($156.54 million), while its operating profit amounted to TRY 90.62 million ($15.56 million), compared to an operating profit of TRY 112.37 million in the second quarter of 2017.
During the first six months of the current year, Borusan Mannesmann recorded a net profit of TRY 74.21 million ($12.75 million) compared to a net profit of TRY 119.18 million in the same period of the previous year, while the company's sales revenues increased to TRY 1.68 billion ($288.61 million), up 27 percent, both year on year. In the first half, the company's operating profit amounted to TRY 147.16 million ($25.26 million), decreasing from TRY 152.66 million in the first half of the previous year.
In the first six months of the current year, 66 percent of the company’s premium quality product sales were directed to export markets. The company stated that in the given period, sales of steel pipe for the automotive sector reached the highest-ever sales volume. Meanwhile, sales volume of value-added drilling pipe increased by 22 percent year on year, due to the recovery in North American market. In addition, in the same period, its standard pipe sales volume showed a year-on-year increase of 12 percent.