Turkish rebar producer Izmir Demir Çelik Sanayi A.Ş. (IDC) has announced its financial results for the first quarter of the current year.
In the first quarter of this year, IDC registered a net loss of TRY 205.92 million ($30.34 million), compared to a net loss of TRY 198.34 million in the same quarter of 2019. IDC stated that the loss was primarily the result of a ten percent increase in the value of foreign currency and in costs which are mostly based on the exchange rate. The company's sales revenues increased by 12 percent year on year to TRY 1.14 billion ($167.8 million). In the given period, IDC recorded an operating profit of TRY 79.97 million ($11.78 million) compared to an operating loss of TRY 45.51 million in the corresponding period of the previous year.
According to the report released by IDC, in the first three months of the year the company’s steel billet output rose by 19 percent to 347,628 mt, while its rebar production totaled 234,743 mt, rising by 15 percent, both year on year. Besides, 61,393 mt of rebar was also produced by the company's contractual partners in the given period, with a year-on-year increase of 22 percent. During the same period, the company produced 68,794 mt of steel sections, down by two percent year on year.
In the given period, the company’s export sales increased by 45 percent to 137,552 mt, compared to 94,750 mt recorded in the same period of the previous year. Besides, the company’s sales of manufactured products amounted to 342,919 mt in the first quarter, up by 9.7 percent year on year.
IDC has received a “Sustainable Constructional Steel (SCS)” certificate from UK CARES in consequence of the evaluation of issues such as carbon monoxide emission control, waste management, efficient usage of energy and resources, implementation of eco technologies and legal compliance as well as occupational health and safety. Accordingly, it becomes the first Turkish iron and steel company to receive this certification. The certificate provides the company with an advantage in order to become a supplier to international eco-friendly construction companies.