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 23.58 million ($5.5 million), compared to a net loss of TRY 5.49 million in the same quarter of 2017. In the first quarter this year, the company's sales revenues increased by 48 percent year on year to TRY 1.04 billion ($243.3 million). In the same quarter, IDC recorded an operating profit of TRY 27.03 million ($6.32 million), compared to an operating profit of TRY 25.99 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 five percent to 315,252 mt, while its rebar production totaled 259,294 mt, rising 14 percent, both year on year. Besides, 81,683 mt of rebar was also produced by the company's contractual partners in the given period, with a year-on-year increase of one percent. During the same period, the company produced 67,505 mt of steel sections at its medium section mill, up 20 percent year on year.
IDC stated that in the given period raw material and steel prices increased compared to the same period of 2017 and the increasing prices provided significant improvement in margins. Meanwhile, ongoing increases in foreign exchange rates caused foreign exchange losses in the given period.