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 profit of TRY 30.9 million ($10.59 million), compared to a net profit of TRY 2.49 million in the corresponding quarter of the previous year. Sales revenues of the company decreased by 16.28 percent year on year to TRY 531.9 million ($181.8 million). The company registered an operating profit of TRY 72.8 million ($24.89 million), declining by 25.48 percent compared to the same quarter of 2015.
In the first half of this year, Kardemir recorded a net profit of TRY 31.24 million ($10.68 million) compared to a net loss of TRY 69.19 million in the same period of 2015. In the first half, the company’s sales revenues decreased by 6.9 percent to TRY 1.03 billion ($353.68 million), while its operating profit decreased by 15.9 percent to TRY 58.16 million ($19.88 million), both on year-on-year basis.
In the first six months, Kardemir produced 1.02 million mt of crude steel - down 1.86 percent, and 8,045 mt of pig iron - falling from 43,851 mt, both on year-on-year basis. Meanwhile, in the period in question, the company's billet output totaled 337,354 mt, declining by 11.6 percent, while its bloom output amounted to 193,035 mt, increasing by 61.5 percent, both compared to the first half of 2015.
Kardemir's rebar output in the January-June period decreased by three percent to 275,324 mt, while its rail product output totaled 41,853 mt - down 33.6 percent, both compared to the corresponding period of the previous year. During the first half of this year, Kardemir produced 130,487 mt of steel sections, rising by 54 percent year on year.