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 47.5 million ($8.7 million), down 37.6 percent compared to the corresponding quarter of the previous year. Sales revenues of the company increased by 47.1 percent year on year to TRY 1.4 billion ($256.5 million). The company registered an operating profit of TRY 459.44 million ($84.2 million), almost quadrupling compared to the third quarter of 2017.
In the first nine months of this year, Kardemir recorded a net profit of TRY 486.4 million ($89.12 million) compared to a net profit of TRY 180.5 million in the same period of the previous year. In the given period, the company’s sales revenues went up by 40.22 percent year on year to TRY 3.95 billion ($723.7 million), while its operating profit increased to TRY 1.23 billion ($225.25 million) from an operating profit of TRY 309.5 million recorded in the same period of 2017.
In the January-September period of this year, Kardemir produced 1.78 million mt of crude steel - remaining almost stable, and 1.66 million mt of pig iron - rising from 1.65 million mt, both on year-on-year basis.
Kardemir's rebar output in the January-September period this year fell by 16.9 percent to 399,571 mt, while its rail product output totaled 77,668 mt, up 21.3 percent, both compared to the corresponding period of the previous year. During the given period, Kardemir produced 233,205 mt of steel sections, falling by 1.4 percent year on year.