Turkish integrated long steel producer Kardemir Karabuk Demir Celik Sanayi ve Ticaret A.S. (Kardemir) has announced its financial results for the third quarter and the first nine months of the current year.
In the third quarter, Kardemir registered a net profit of TRY 76.01 million ($19.87 million), compared to a net loss of TRY 20.08 million in the corresponding quarter of the previous year. Sales revenues of the company increased by 77 percent year on year to TRY 953.75 million ($249.37 million). The company registered an operating profit of TRY 129.88 million ($33.97 million), rising by 57.4 percent compared to the same quarter of 2016.
In the first nine months of this year, Kardemir recorded a net profit of TRY 180.49 million ($47.22 million) compared to a net profit of TRY 11.16 million in the same period of the previous year. During the January-September period, the company’s sales revenues went up by 79 percent to TRY 2.81 billion ($737.39 million), while its operating profit increased by 170 percent to TRY 317.96 million ($80.99 million), both on year-on-year basis.
In the first nine months, Kardemir produced 1.8 million mt of crude steel - up 12 percent, and 18.471 mt of pig iron - rising by 66 percent, both on year-on-year basis. Meanwhile, in the period in question, the company's billet output totaled 718,137 mt, rising by 2.04 percent, while its bloom output amounted to 1.05 million mt, increasing by 20 percent, both compared to the first nine months of 2016.
Kardemir's rebar output in the January-September period this year increased by 8.1 percent to 480,644 mt, while its rail product output totaled 64,039 mt - down 31.8 percent, both compared to the corresponding period of the previous year. During the first nine months of this year, Kardemir produced 236,528 mt of steel sections, up 31.3 percent year on year.