Erdemir Group’s sales revenues decrease in January-September

Monday, 24 October 2016 14:51:58 (GMT+3)   |   Istanbul
       

Turkish integrated steelmaker Erdemir Group has announced a net profit of TRY 514 million ($167.17 million) for the third quarter of the current year, increasing by 61 percent year on year, while the company's sales revenues amounted to TRY 2.7 billion ($878.6 million), down 5.2 percent compared to the corresponding quarter of the previous year. The company's operating income in the third quarter this year rose by 47.17 percent year on year to TRY 688.9 million ($224 million).
 
During the first nine months, Erdemir Group’s net profit decreased by 9.3 percent to TRY 1.01 billion ($329.6 million) compared to the corresponding period of the previous year. The company’s sales revenues amounted to TRY 7.9 billion ($2.58 billion), down 10.8 percent, while its operating profit decreased by 14.4 percent to TRY 1.3 billion ($427.5 million), both year on year.
 
Regarding the operational results, in the first nine months this year Erdemir Group produced 6.79 million mt of crude steel, up 1.9 percent, including 2.68 million mt of crude steel produced at its Eregli works, down 6.9 percent, and 4.11 million mt at its Iskenderun works, up 8.5 percent, all year on year.
 
In the January-September period of this year, the flat steel output of Erdemir Group decreased by 3.58 percent to 5.35 million mt, while the company's long steel output amounted to 1.13 million mt, up eight percent, both year on year. Additionally, Erdemir Group's flat steel sales volumes declined by 1.5 percent year on year to 5.21 million mt, while its long steel sales volumes rose by 11.2 percent year on year to 1.12 million mt.
 
In the first nine months of the year, Erdemir Group exported 707,000 mt of steel products, including 561,000 mt of flat steel and 146,000 mt of long steel, with these exports accounting for 11 percent of its total sales. The steel producer exports flat products to 37 countries and long products to 12 countries.
 
Meanwhile, Erdemir has revised its 2016 sales volume guidance to 8.8 million mt compared to 9 million mt announced on April 25 this year, while its EBITDA margin guidance has been revised up to 19-21 percent from 15-17 percent.

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