Kocaeli-based Turkish steel wire and rope producer Çelik Halat ve Tel Sanayii Inc. has announced its financial results for the first quarter of the current year.
In the given quarter, the company posted a net loss of TRY 17.82 million ($540.1 million), compared to a net loss of TRY 34.66 million recorded in the same period of the previous year, while its sales revenues declined by 39.3 percent year on year to TRY 340.68 million ($10.32 million).
In the first quarter, Çelik Halat ve Tel Sanayii’s total steel rope sales value amounted to TRY 357.55 million ($10.84 million), dropping by 40.0 percent, and its galvanized wire sales value grew by 74.0 percent to TRY 31 million ($939,419), while its spring wire sales fell by 73.0 percent to TRY 77.28 million ($2.34 million), all on year-on-year basis.
According to its statement, the global economic recession resulted in a slowdown in the company’s sales in the countries in which it operates.