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 loss of TRY 117 million ($40.03 million), compared to a net profit of TRY 34 million in the corresponding quarter of the previous year. Sales revenues of the company decreased by 6.4 percent year on year to TRY 528.6 million ($180.8 million). The company registered an operating profit of TRY 38.4 million ($13.13 million), declining by 51 percent compared to the same quarter of 2014.
In the first nine months of this year, Kardemir recorded a net loss of TRY 210.7 million ($72.06 million) compared to a net profit of TRY 234.9 million in the same period of 2014. During the January-September period, the company’s sales revenues remained almost unchanged at TRY 1.64 billion ($560.8 million), while its operating profit decreased by 81.9 percent to TRY 64.07 million ($21.9 million), both on year-on-year basis.
In the first nine months, Kardemir produced 1.6 million mt of crude steel - up 13.7 percent, and 53,233 mt of pig iron - rising from 4,912 mt, both on year-on-year basis. Meanwhile, in the period in question, the company's billet output totaled 718,639 mt, rising by 2.24 percent, while its bloom output amounted to 837,918 mt, increasing by 25.8 percent, both compared to the first nine months of 2014.
Kardemir's rebar output in the January-September period this year increased by 2.5 percent to 501,312 mt, while its rail product output totaled 102,202 mt - up 19.5 percent, both compared to the corresponding period of the previous year. During the first nine months of this year, Kardemir produced 134,605 mt of steel sections, falling by 24.13 percent year on year.