Turkey’s Celik Halat ve Tel Sanayii reports net loss for Q1

Wednesday, 27 May 2020 17:50:02 (GMT+3)   |   Istanbul

Kocaeli-based Turkish steel wire and rope producer Celik Halat ve Tel Sanayii Inc. has announced its financial results for the first quarter of the current year.

The company registered a net loss of TRY 3.63 million ($536,306) in the first quarter of the year, compared to a net loss of TRY 3.2 million recorded in the same quarter of the previous year, while its sales revenues increased by 17.4 percent year on year to TRY 87.65 million ($12.95 million), according to the company’s financial report.

In the given period, Celik Halat ve Tel Sanayii’s total steel rope sales value amounted to TRY 35.82 million ($5.29 million), falling by 1.1 percent and its galvanized wire sales value decreased by 10.9 percent to TRY 6.11 million ($903,026), while its spring wire sales rose by 22.6 percent to TRY 16.68 million ($2.46 million), all on year-on-year basis.

According to the company’s statement, in the first quarter of the year Celik Halat ve Tel Sanayii’s domestic sales rose by 31 percent, while its overseas sales increased by eight percent, both on year-on-year basis. In the same period, the company’s domestic sales contributed 48 percent of its overall sales in the first quarter this year, from 43 percent recorded in the same period of 2019, while the share of its overseas sales fell to 52 percent from 57 percent in the first quarter of the previous year.

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