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 39.12 million ($6.86 million), down 17.6 percent compared to the corresponding quarter of the previous year. Sales revenues of the company decreased by 6.6 percent year on year to TRY 1.31 billion ($230 million). The company registered an operating profit of TRY 81.12 million ($14.24 million), down 82.3 compared to the third quarter of 2018.
In the first nine months of this year, Kardemir recorded a net profit of TRY 209.3 million ($36.75 million), down 57 percent, while the company’s sales revenues went up by 16 percent year on year to TRY 4.6 billion ($807.6 million), both year on year. Meanwhile, Kardemir’s operating profit increased to TRY 314.15 million ($55.15 million), down 74.4 percent compared to same period of the previous year.
In the January-September period of this year, Kardemir produced 1.67 million mt of crude steel, down 6.2 percent on year-on-year basis.