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 2.08 million ($751.231) for the given quarter, down 70.9 percent compared to the second quarter of the previous year. In the second quarter this year, the sales revenue of the company amounted to TRY 63.48 million ($22.9 million), falling 11.9 percent year on year, while the company registered an operating profit of TRY 3.46 million ($1.25 million), declining 43.2 percent compared to the same period of 2014.
In the January-June period this year, Cemtas recorded a net profit of TRY 1.88 million ($678,410) , declining 87.3 percent compared to the first half of the previous year. In the given period, the company’s sales revenue amounted to TRY 114.25 million ($41,2 million), falling 21 percent year on year, while it registered an operating profit of TRY 3.14 million ($1.13 million), declining 80.3 percent compared to the same period of 2014.
In the first half of this year, Cemtas' steel billet output totaled 65,222 mt, decreasing by 16 percent, while its rolled steel output declined by 26 percent to 55,798 mt, both compared to the corresponding period of the previous year.
According to Cemtas, in the first half of this year the Turkish automotive industry recorded a growth rate of 18 percent. In the given period, steel prices were volatile since prices of raw materials, especially of scrap, were fluctuating and as demand indicated ups and downs. In the first six months, scrap prices were higher. In the second half of this year, the fluctuating demand is expected to follow a declining trend.