Kocaeli-based Turkish steel wire and rope producer Celik Halat ve Tel Sanayii Inc. has announced its financial results for the second quarter and the first half of this year.
In the second quarter, the company registered a net profit of TRY 6.62 million ($1.21 million), compared to a net profit of TRY 2.19 million in the same quarter of the previous year, while its sales revenues increased by 56.5 percent year on year to TRY 86.08 million ($15.74 million).
During the first half of the current year, the wire producer achieved a net profit of TRY 13.2 million ($2.41 million), compared to a net profit of TRY 5.25 million recorded in the same period of 2017, while its sales revenues amounted to TRY 164.32 million ($30.06 million), up 58.7 percent year on year.
According to the company’s statement, the movements in exchange rates and the increase in commodity prices and inflation rates in the current year have increased the unit costs and sales prices. Meanwhile, 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 the company’s gross profit.