Turkey's largest steelmaking group Eregli Demir ve Celik Fabrikalari TAS (Erdemir) has announced its financial results for the first quarter of 2012, posting a decrease in its net profit. The net profit of the company in the given quarter amounted to TRY 123.9 million ($69.8 million), down 52.4 percent year on year.
According to the consolidated financial results, Erdemir increased its sales revenues by 20 percent to TRY 2.4 billion ($1.37 billion) compared to the corresponding period of the previous year. The company's operating income declined by 68.5 percent year on year to TRY 113.76 million ($64.02 million).
Regarding the operational results, in January-March 2012, crude steel production at Erdemir's Eregli works increased by 6.8 percent year on year to 850,842 mt, while crude steel output at the producer's Iskenderun works increased by 15.2 percent year on year to 1.14 million mt.
In the first quarter, the finished steel output of its Eregli works increased by 5.3 percent to 900,000 mt, while its Iskenderun works produced 1.1 million mt of finished steel, up 15 percent, both compared to the same period of the previous year. Additionally, finished steel sales volumes of both Eregli and Iskenderun works increased in the given quarter, standing at 1.02 million mt and 1.06 million mt, respectively.