Kardemir registers net loss in H1

Thursday, 20 August 2015 17:01:39 (GMT+3)   |   Istanbul
       

Turkish integrated long steel producer Kardemir Karabuk Demir Celik Sanayi ve Ticaret A.S. (Kardemir) has announced its financial results for the second quarter and the first half of the current year.

In the second quarter, Kardemir registered a net loss of TRY 5.75 million ($1.94 million), compared to a net profit of TRY 98.5 million in the corresponding quarter of the previous year. Sales revenues of the company increased by 19.7 percent year on year to TRY 635.4 million ($214.5 million). The company registered an operating profit of TRY 42.96 million ($14.5 million), declining by 72 percent compared to the same quarter of 2014.

In the first half of this year, Kardemir recorded a net loss of TRY 93.5 million ($31.6 million) compared to a net profit of TRY 200.9 million in the same period of 2014. In the first half, the company’s sales revenues increased by 2.88 percent to TRY 1.11 billion ($375.6 million), while its operating profit decreased by 90.7 percent to TRY 25.66 million ($8.67 million), both on year-on-year basis.

In the first six months, Kardemir produced 1.04 million mt of crude steel - up 12.3 percent, and 43,851 mt of pig iron - rising from 3,971 mt, both on year-on-year basis. Meanwhile, in the period in question, the company's billet output totaled 981,920 mt, rising by 22.5 percent, while its bloom output amounted to 119,478 mt, increasing by 108.7 percent, both compared to the first half of 2014.

Kardemir's rebar output in the January-June period decreased by three percent to 339,106 mt, while its rail product output totaled 63,100 mt - up 12.3 percent, both compared to the corresponding period of the previous year. During the first half of this year, Kardemir produced 84,775 mt of steel sections, falling by 22.9 percent year on year.

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