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 profit of TRY 24.73 million ($1.66 million) in the first quarter, compared to a net loss of TRY 2.96 million recorded in the same period of the previous year, while its sales revenues increased by 174.9 percent year on year to TRY 343.66 million ($23.08 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 123.38 million ($8.28 million), rising by 166.4 percent, and its galvanized wire sales value increased by 73.8 percent to TRY 15.73 million ($1.05 million), while its spring wire sales rose by 125.2 percent to TRY 57.15 million ($3.83 million), all on year-on-year basis.
According to the company’s statement, in the first three months of the year Çelik Halat ve Tel Sanayii’s domestic sales rose by 187 percent, while its overseas sales increased by 146 percent, both on year-on-year basis. In the same period, the company’s domestic sales contributed 55 percent of its overall sales, from 51 percent recorded in the same period of 2021, while the share of its overseas sales fell to 45 percent, from 49 percent in the first three months of the previous year.