Erdemir Group has issued its financial results for the first half of 2007. Accordingly, the net profit of the group in the first half of 2007 has increased by approximately 265.6 percent to TRY 375.8 million ($298 million) as compared to the corresponding period of 2006. On the other hand, the net profit margin has increased from 4.6 percent to 13.2 percent.
In the January-June period net operating profit increased to TRY 458.2 million ($363.8 million), up 68.3 percent (TRY 185.9 million) compared to H1 2006. On the other hand, the net operating profit margin has increased to 16.1 percent, up four percentage points as compared to the same period of 2006. During the January-June period of 2007, EBITDA increased to TRY 620.8 million ($493 million), up 39.1 percent, while the EBITDA margin rose to 21.9 percent, up two percentage points.
During the first half of 2007, consolidated sales revenue of the group increased by 26 percent (TRY 589.9 million) to TRY 2,837.5 million ($2,252.5 million) compared to H1 2006, as a result of the increase in sales and prices due to the positive developments in the flats and longs markets.
The production figures for the first half of 2007 are as follows: At Erdemir Group's Eregli works, a total of 1,947,000 mt of flats was produced (including 742,300 mt of cold rolled and 1,204,700 mt of hot rolled), up 6.5 percent compared to H1 2006. On the other hand, at the group's Iskenderun works, 151,400 mt of slab and 1,141,200 mt of longs were produced.