Bursa-based Turkish steelmaker Çemtaş Çelik Makina Sanayi ve Ticaret A.Ş (Çemtaş) has announced its financial and operational results for the first quarter this year.
Accordingly, in the given quarter the company registered a net loss of TRY 270.38 million ($5.98 million), compared to a net loss of TRY 202.73 million in the first quarter of the previous year, while its sales revenues amounted to TRY 1.50 billion ($33.18 million), declining by 9.8 percent year on year. In addition, Çemtaş’ operating profit in the first quarter decreased by 42.1 percent year on year to TRY 61.05 million ($1.35 million).
In the first three months of the current year, the company’s steel billet output totaled 33,996 mt, falling by 18.1 percent, while its rolled steel output moved down by 18.6 percent to 29,908 mt, both on year-on-year basis.
Meanwhile, in the first quarter, Çemtaş’ sales to the domestic market dropped by 18.0 percent year on year to 18,824 mt, while its export sales declined by 1.4 percent year on year to 10,969 mt.