Turkey-based Borusan Mannesmann sees increased sales revenues in Q1

Tuesday, 12 May 2015 17:42:53 (GMT+3)   |   Istanbul
       

Turkey's leading steel pipe producer Borusan Mannesmann Boru has announced its financial results for the first quarter of the current year. Premium quality product sales of the company increased by 11 percent compared to the first quarter of the previous year. In the given quarter, Borusan Mannesmann's exports accounted for nearly 62 percent of its premium quality product sales, with its total premium quality export volume increasing by 30 percent year on year.
 
In the first quarter, Borusan Mannesmann's sales revenues increased by 18 percent to TRY 382 million ($142.1 million).
 
According to Borusan Mannesmann, in the given quarter drilling and well pipe sales were negatively affected due to reduced demand from the North American drilling and well pipe market caused by the recent decline in oil prices. The company's performance remained below expectations in the segment.
 
The $152 million natural gas pipeline project in Pennsylvania, US has become the third biggest project for which the company has won a supply tender during the last six months, after the Trans-Anatolian pipeline project (TANAP) and the pipe line project in Texas, US.
 
Borusan Mannesmann stated that its steel pipe sales volume to the automotive industry - a segment in which the company is targeting growth - in the first quarter this year reached the highest-ever level, with satisfactory profitability.
 

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