Kocaeli-based Turkish steel wire and rope producer Celik Halat ve Tel Sanayii Inc. has announced its financial results for 2018.
Last year, the company registered a net profit of TRY 18.37 million ($3.45 million), compared to a net profit of TRY 10.76 million the previous year, while its sales revenues increased by 38.5 percent year on year to TRY 311.9 million ($58.62 million).
According to the company’s statement, the movements in exchange rates and the increase in commodity prices and inflation rates last year increased unit costs and sales prices. Meanwhile, in the same year 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 the company’s gross profit.