Turkish steel producer Erdemir Group has issued its financial results for the first nine months of 2007. Accordingly, the group's net profit for the period in question increased by approximately 36.5 percent to TRY 548.7 million ($461 million) as compared to the corresponding period of 2006. On the other hand, the net profit margin increased from 11.1 percent to 13.1 percent.
In the January-September period, Erdemir's net operating profit increased to TRY 656.1 million ($552.1 million), up 15.5 percent (TRY 88.1 million) compared to the corresponding period of 2006. On the other hand, the net operating profit margin remained unchanged at 15.7 percent, as compared to the same period of 2006. During the January-September period of 2007, EBITDA increased to TRY 909.1 million ($776.3 million), up 13.7 percent, while the EBITDA margin amounted to 21.7 percent.
During the first nine months of 2007, consolidated sales revenue of the group rose by 15.4 percent (TRY 559 million) to TRY 4,186.0 million ($3,528.6 million) compared to the first nine months of 2006, as a result of the increase in sales volume and sales prices.
The production figures for the first nine months of 2007 are as follows: at Erdemir Group's Eregli works, a total of 3,065,000 mt of flats was produced (including 1,186,000 mt of cold rolled and 1,879,000 mt of hot rolled), up 6.2 percent compared to the first nine months of 2006. On the other hand, at the group's Iskenderun works, 352,500 mt of slab and 1,517,700 mt of longs were produced.