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.
The company registered a net loss of TRY 20.57 million ($1.04 million) in the first quarter, compared to a net profit of TRY 24.73 million recorded in the same period of the previous year, while its sales revenues decreased by 5.5 percent year on year to TRY 324.78 million ($16.52 million), according to the company’s financial report.
In the given period, Çelik Halat ve Tel Sanayii’s total steel rope sales value amounted to TRY 178.68 million ($9.08 million), rising by 44.8 percent, and its galvanized wire sales value decreased by 34.6 percent to TRY 10.28 million ($523,130), while its spring wire sales fell by 5.9 percent to TRY 53.73 million ($2.73 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.