Kocaeli-based Turkish steel wire and rope producer Çelik Halat ve Tel Sanayii Inc. has announced its financial results for the first half of the current year.
The company registered a net loss of TRY 11.37 million ($418,843) in the first quarter, compared to a net profit of TRY 52.39 million recorded in the same period of the previous year, while its sales revenues decreased by 2.5 percent year on year to TRY 688.39 million ($25.34 million).
In the given period, Çelik Halat ve Tel Sanayii’s total steel rope sales value amounted to TRY 341.57 million ($12.57 million), rising by 30.4 percent, and its galvanized wire sales value increased by 14.0 percent to TRY 40.16 million ($1.47 million), while its spring wire sales rose by 9.1 percent to TRY 137.13 million ($5.04 million), all on year-on-year basis.
According to the company’s statement, its sales slowed down in the countries where it operates, as a result of the global economic recession.
The company expects raw material prices to decline and the volatility in freight to decrease in the upcoming period.
