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 163.03 million ($31.04 million), compared to a net profit of TRY 110.08 million in the corresponding quarter of the previous year. Sales revenues of the company increased by 26.3 percent year on year to TRY 1.26 billion ($239.97 million). The company registered an operating profit of TRY 429.53 million ($81.78 million), rising from an operating profit of TRY 120.83 million recorded in the second quarter of 2017.
In the first half of this year, Kardemir recorded a net profit of TRY 438.93 million ($83.58 million) compared to a net profit of TRY 104.48 million in the same period of the previous year. In the first half, the company’s sales revenues went up by 37 percent year on year to TRY 2.54 billion ($485.37 million), while its operating profit increased to TRY 766.69 million ($146 million) from an operating profit of TRY 179.59 million recorded in the same period of 2017.
In the first six months this year, Kardemir produced 1.19 million mt of crude steel - down 1.8 percent, and 1.1 million mt of pig iron - rising from 1.09 million mt, both on year-on-year basis.
Kardemir's rebar output in the January-June period this year fell by 15.8 percent to 283,494 mt, while its rail product output totaled 52,619 mt, up 15.7 percent, both compared to the corresponding period of the previous year. During the first half of this year, Kardemir produced 150,529 mt of steel sections, rising by 11.4 percent year on year.
Kardemir stated that it has achieved the highest profitability since its privatization in 1995.