Turkish rebar producer Izmir Demir Çelik Sanayi A.Ş. (IDC) has announced its financial results for the third quarter and the first nine months of the current year.
In the third quarter of this year, IDC registered a net profit of TRY 14.37 million ($3.69 million), compared to a net loss of TRY 26.79 million in the same quarter of 2016. The company's sales revenues increased by 47.8 percent year on year to TRY 740.74 million ($190.15 million). In the given quarter, IDC recorded an operating profit of TRY 44.97 million ($11.54 million) compared to an operating profit of TRY 7.11 million in the same period of the previous year.
In the January-September period this year, IDC recorded a net profit of TRY 59.88 million ($15.37 million) increasing compared to a net profit of TRY 30.26 million registered in the first nine months of the previous year. In the given period of the current year, the company’s sales revenue amounted to TRY 2.16 billion ($555.09 million), rising 33.5 percent year on year, while it registered an operating profit of TRY 115.72 million ($29.7 million), up 18 percent compared to the same period of 2016.
IDC said that in the first nine months of this year its steel billet output increased by one percent to 982,550 mt, while its rebar production amounted to 675,006 mt, falling by three percent, both year on year. Besides, 236,312 mt of rebar was also produced by the company's contractual partners in the given period, with a year-on-year decrease of eight percent. During the same period, the company produced 160,869 mt of steel sections at its medium section mill, down 18 percent year on year.
Meanwhile, in the January-September period of this year, IDC’s finished steel sales declined by 5.1 percent to 1.07 million mt, while its export sales decreased by 32 percent to 247,157 mt, both year on year.
The company stated that in the first nine months of this year raw material and finished steel prices increased significantly compared to the same period of 2016, which resulted in a notable improvement in its margins.