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, posting a net profit of TRY 6.57 million ($1.62 million), compared to a net profit of TRY 3.06 million in the same quarter of the previous year, while the sales revenues of the company increased by 61 percent year on year to TRY 78.24 million ($19.31 million).
In the given quarter, Celik Halat ve Tel Sanayii’s total steel rope sales value amounted to TRY 23.5 million ($5.8 million), rising by 47.3 percent, while its galvanized wire sales value increased by 72 percent to TRY 6.11 million ($1.5 million) and its spring wire sales rose by 65.6 percent to TRY 11.34 million ($2.79 million), all on year-on-year basis.
According to the company’s statement, in the given quarter the increase in demand thanks to public infrastructure investments in both foreign markets and the domestic market made it possible to increase unit sales prices, which provided a significant increase in its gross profit. In the first quarter, the company increased its marketing activities in foreign markets, thus increasing its export sales value by approximately 34 percent year on year. In addition, in the given period, the share of the domestic sales revenue of the total sales revenue of the company increased to 69 percent from 62 percent in the same quarter of 2017.