Kardemir sees significant increase in net profit for H1

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, posting a net profit of TRY 99.2 million ($45.7 million), compared to the net loss of TRY 35.4 million in the corresponding quarter of 2013. Sales revenues of the company increased by 14.6 percent year on year to TRY 530.7 million ($244.6 million). The company registered an operating profit of TRY 117.9 million ($54.3 million) in the given quarter, compared to an operating loss of TRY 20 million in the second quarter of the previous year.
 
In the first six months of 2014, Kardemir's net profit significantly increased to TRY 200 million ($92.2 million), from just TRY 12 million in the first half of the previous year. The company's sales revenues amounted to TRY 1.08 billion ($497.9 million), rising 29.4 percent year on year, while the operating profit increased to TRY 235.2 million ($108.4 million), compared to the operating profit of TRY 22.75 million in the first half of 2013.
 
During the first half of the current year, Kardemir produced 505,900 mt of metallurgical coke - up 39.8 percent, 933,987 mt of crude steel - up 14.2 percent, and 4,005 mt of pig iron - decreasing by 85.4 percent, all on year-on-year basis. Meanwhile, in the period in question, the company's billet output totaled 469,134 mt, declining by 4.5 percent, while its bloom output amounted to 445,113 mt, rising by 45 percent, both compared to the same period of the previous year.
 
Kardemir's rebar output in the first six months increased by 16.2 percent to 346,681 mt, while its rail product output totaled 56,183 mt - down 48.6 percent, both compared to the first half of 2013. In the first half this year, Kardemir produced 110,083 mt of steel sections, rising 95 percent year on year.