Erdemir announces TRY 402 m net profit for Jan-Sept

Erdemir Group announced its financial results for the period January-September 2006 at a press conference held on Friday morning in Istanbul. In the first nine months of 2006, the Erdemir Group (according to its combined production figures for its Erdemir and Isdemir subsidiaries) produced 2,887,000 tons of flat rolled products, along with 1,722,000 tons of long products. 1,596,000 tons of the total flats production was made up of hot rolled products, while the remaining 1,291,000 tons consisted of cold rolled. In the period in question, the group's total liquid steel production amounted to 4,071,000 tons, up 4 percent compared to the same period of 2005. Erdemir Group's net profit for the given period increased by 74 percent to TRY 402 million, compared to TRY 231 million recorded in the same period of 2005. Operating profit in the first nine months of 2006 almost tripled to TRY 658 million compared to TRY 260 million recorded in the corresponding period of the previous year. Moreover, EBITDA (earnings before interest, taxes, depreciation and amortization) during January-September 2006 amounted to TRY 919 million, up 60 percent compared to the same period of 2005. The group's net sales revenue in the subject period increased by 19 percent to TRY 3,689 million, compared to TRY 3,108 million recorded in the first nine months of 2005. During 2006, the total investment value in Eregli was recorded as $187 million, with input being made in 42 projects. Meanwhile, the total investment value in Iskenderun amounted to $453 million, focused on 43 different projects.