Turkey’s Borusan Mannesmann posts increased profit for Q1

Thursday, 28 May 2020 16:41:13 (GMT+3)   |   Istanbul

Turkey-based steel pipe producer Borusan Mannesmann Boru has issued its financial results for the first quarter of the current year, announcing a net profit of TRY 16.88 million ($2.48 million), compared to a net profit of TRY 13.69 million in the first quarter of 2019, and sales revenues amounting to TRY 1.15 billion ($168.56 million).

In the first quarter of the year, premium quality product sales of the company amounted to 170,000 mt, increasing by three percent year on year. In the same period, the export market accounted for 72 percent of the total premium quality product sales volume. The sales volume of high value-added pipes, which include pressure, special and spiral pipes, rose by six percent year on year, and the turnover from sales of the given pipes accounted for 82 percent of the total premium quality product sales turnover. Meanwhile, the company’s turnover from high value-added drilling pipe sales accounted for 41 percent of the total premium quality product sales turnover, its turnover from value-added spirally-welded pipe sales accounted for 15 percent of the total, and the turnover from pipe sales to the automotive sector accounted for 16 percent.

Borusan Mannesmann said that it aims to maintain its position as the leader in high value-added steel pipes for the automotive industry in 2020 despite the contraction recorded in the automotive sectors in Turkey and the EU.

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