Cemtas posts increase in net profit for H1

Bursa-based Turkish steelmaker Cemtas Celik Makina Sanayi ve Ticaret A.S (Cemtas) has announced its financial results for the second quarter and the first half of 2014.
 
Cemtas has reported a net profit of almost TRY 7.16 million ($3.4 million) for the second quarter, increasing by 80.15 percent compared to the same quarter of the previous year. The sales revenues of the company amounted to TRY 72.05 million ($33.8 million), up 25.3 percent year on year, while its operating income was TRY 6.1 million ($2.86 million), falling 4.6 percent year on year.
 
In the first half of the current year, Cemtas' net profit amounted to TRY 14.77 million ($6.9 million), compared to a net profit of TRY 5.7 million in the same period of the previous year. The company's sales revenues in the first half this year totaled TRY 144.7 million ($68 million), up 39 percent compared to the corresponding period of the previous year. Cemtas posted an operating profit of TRY 15.9 million ($7.4 million), increasing by twofold compared to the first half of 2013.
 
During the first six months, Cemtas' steel billet output totaled 77,400 mt, increasing by 11 percent, while its rolled steel output increased by 16 percent to 75,081 mt, both compared to the corresponding period of 2013.
 
According to Cemtas, in the first half this year steel prices were volatile due to fluctuating raw material prices, especially scrap, and unsteady demand. The integrated steelmakers benefitted from low iron ore prices, while scrap prices were higher in the first six months.