Turkey’s Cemtas records increased net profit in H1

Friday, 04 August 2017 17:47:05 (GMT+3)   |   Istanbul
       

Bursa-based Turkish steelmaker Cemtas Celik Makina Sanayi ve Ticaret A.S (Cemtas) has announced its financial results for the second quarter and first half of the current year.

Accordingly, Cemtas has reported a net profit of TRY 11.78 million ($3.33 million) for the given quarter, compared to a net profit of TRY 10.17 million in the second quarter of the previous year. In the second quarter this year, the sales revenue of the company amounted to TRY 106.26 million ($30.01 million), rising 36.2 percent year on year, while the company registered an operating profit of TRY 15.07 million ($4.25 million), increasing from the operating profit of TRY 10.57 million recorded in the same period of 2016.

In the January-June period this year, Cemtas recorded a net profit of TRY 25.58 million ($7.22 million), compared to a net profit of TRY 16.10 million in the first half of the previous year. In the given period, the company’s sales revenue amounted to TRY 205.23 million ($57.98 million), increasing 42.5 percent year on year, while it registered an operating profit of TRY 34.64 million ($9.79 million) compared to the operating profit of TRY 17.24 million registered in the first half of the previous year.

In the first half of this year, Cemtas' steel billet output totaled 82,160 mt, decreasing by two percent, while its rolled steel output fell by one percent to 77,886 mt, both compared to the corresponding period of the previous year.


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