Turkish rebar producer Izmir Demir Çelik Sanayi A.Ş. (IDC) has announced its financial results for the first quarter of the current year.
Accordingly, in the first quarter, IDC registered a net loss of TRY 5.49 million ($1.53 million), compared to a net profit of TRY 35 million in the same quarter of 2016. In the first quarter this year, the company's sales revenues increased by 39 percent year on year to TRY 704.49 million ($196.15 million). In the same quarter, IDC recorded an operating profit of TRY 25.99 million ($7.23 million), compared to an operating profit of TRY 38.73 million in the same quarter of the previous year.
IDC said that in the January-March period this year its steel billet output decreased by four percent to 331,459 mt, while its rebar production totaled 227,597 mt, falling seven percent, both year on year. Besides, 80,538 mt of rebar was also produced by the company's contractual partners in the given period, with a year-on-year decrease of 10 percent. During the same period, the company produced 56,384 mt of steel sections at its medium section mill, down 21 percent year on year.
IDC stated that in the given period raw material and steel prices increased compared to the same period of 2016 and the increasing prices provided significant improvement in margins.