Turkish rebar producer Izmir Demir Çelik Sanayi A.S. (IDC) has announced its operational results for the second quarter and first half of 2009.
According to the statement from IDC, the company's consolidated loss for the second quarter of the year totaled TRY 9.95 million ($6.62 million), compared to a net profit of TRY 31.822 million in Q2 2008. In the period in question, IDC's sales revenues declined by 52.43 percent year on year to TRY 170.95 million ($113.75 million).
On the other hand, in the first half of the current year IDC registered a profit of TRY 4.97 million ($3.30 million), compared to a profit of TRY 34.9 million in H1 2008. In the first six months of this year, IDC's sales revenues decreased by 40.59 percent year on year to TRY 359.14 million ($239 million).
As of June 30 this year, the company's short-term liabilities amounted to TRY 154.12 million ($102 million), while its long-term liabilities totaled TRY 14.68 million ($9.77 million), declining by 36.49 percent and 36.6 percent respectively compared to the end of December 2008.
In the first six months of the year, IDC produced 546,503 mt of steel billets, down 2.73 percent, and 393,305 mt of rebar, down 14.22 percent, both compared to H1 2008. In the period in question, the production capacity usage of the company's rolling mill was 87.4 percent, while its meltshop operated at 82.8 percent capacity, decreasing by 14.49 percent and 2.33 percent respectively compared to the corresponding period of 2008.