Kardemir’s net profit plunges during Jan-Sept

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 2013.
 
In the third quarter, Kardemir recorded a net profit of TRY 31.8 million ($15.6 million), falling by 32 percent compared to the same quarter of the previous year. Sales revenues of the company increased by 7.8 percent year on year to TRY 462.8 million ($227.2 million). The company registered an operating profit of TRY 79.5 million ($39 million), increasing by 29.5 percent year on year.
 
During January-September, Kardemir's net profit amounted to TRY 44 million ($21.6 million), down from TRY 186 million in the first nine months of 2012. In the first nine months this year, Kardermir's sales revenues amounted to TRY 1.3 billion ($638.5 million), remaining almost flat compared to the same period of the previous year, while the company registered an operating profit of TRY 102.3 million ($50.2 million), declining by 50 percent year on year.
 
In the first nine months of the current year, Kardemir produced 541,050 mt of metallurgical coke - down three percent, 1.25 million mt of crude steel - up 12.1 percent, and 33,059 mt of pig iron - decreasing by 62.5 percent, all on year-on-year basis. Meanwhile, in the period in question, the company's billet output totaled 733,380 mt, declining by 7.1 percent, while its bloom output amounted to 489,778 mt, rising by 61.8 percent, both compared to the first nine months of the previous year.
 
During January-September this year, Kardemir's rebar output decreased by 4.1 percent to 460,273 mt, its steel section production declined by 9.9 percent to 93,644 mt, while its rail product output totaled 150,020 mt - up 90.5 percent, all compared to the first nine months of 2012.