Turkey’s leading steel pipe producer Borusan Mannesmann has announced its financial results for the first quarter this year.
The company has posted a net profit of TRY 141.34 million ($10.14 million) for the given period, compared to a net profit of TRY 59.37 million in the same period last year. In the given period, Borusan Mannesmann’s sales revenues increased by 205.3 percent year on year to TRY 3.66 billion ($262.68 million).
In the first quarter, the company’s premium quality product sales were up by 11 percent year on year to 165,000 mt due to strong demand in the local market. Global protectionist measures and the container crisis continued to exert pressure on sales, the company noted. In the same period, 62 percent of the company’s premium quality product sales were directed to export markets. The company’s turnover from sales of high value-added pipes which includes special and spiral pipes accounted for 63 percent of the total premium quality product sales turnover, while its turnover from high value-added drilling pipe sales accounted for 28 percent of the total premium quality product sales turnover. In the given period, the company’s turnover from value-added spirally-welded pipe sales amounted to four percent of the turnover from the total sales of premium quality pipes. Steel pipe sales for the automotive sector in the first quarter increased by 16 percent on the back of investments. The company’s turnover from pipe sales to the automotive sector in the first quarter accounted for 23 percent of the total premium quality product sales turnover.
The company stated that the value of its investments in the given period was TRY 95.04 million.