Turkish rebar producer Izmir Demir Çelik Sanayi A.Ş. (IDC) has announced its financial results for the third quarter of the current year.
In the third quarter of this year, IDC registered a net loss of TRY 446.06 million ($81.5 million), compared to a net profit of TRY 14.38 million in the same quarter of 2017. The company's sales revenues increased by 82.2 percent year on year to TRY 1.349 billion ($246 million). In the given period, IDC recorded an operating loss of TRY 30.26 million ($5.53 million) compared to an operating profit of TRY 44.97 million in the same period of the previous year.
In the January-September period this year, IDC recorded a net loss of TRY 641 million ($117.2 million) compared to a net profit of TRY 59.88 million in the same period of the previous year. In the January-September period of the current year, the company’s sales revenues amounted to TRY 3.41 billion ($624 million), rising 58 percent year on year, while it registered an operating loss of TRY 42.45 million ($7.76 million) compared to the operating profit of TRY 115.72 million in the same period of 2017.
IDC said that in the first nine months of this year its steel billet output decreased by five percent to 934,768 mt, while its rebar production amounted to 746,610 mt, rising by 11 percent, both year on year. Besides, 241,842 mt of rebar was also produced by the company's contractual partners in the given period, with a year-on-year rise of two percent. During the same period, the company produced 195,607 mt of steel sections at its medium section mill, up 22 percent year on year.
Meanwhile, in the first nine months of this year IDC’s finished steel sales went up by 6.5 percent to 1,146,754 mt, while its export sales increased by four percent to 256,862 mt, both year on year.