Turkey’s Kardemir goes from profit to loss in Q1

Friday, 29 May 2020 15:20:57 (GMT+3)   |   Istanbul

Turkish integrated long steel producer Kardemir Karabuk Demir Celik Sanayi ve Ticaret A.S. (Kardemir) has announced its financial results for the first quarter of 2020.

In the given period, Kardemir registered a net loss of TRY 161.66 million ($23.67 million), compared to a net profit of TRY 67.58 million recorded in the same period of the previous year. The company registered an operating loss of TRY 85.36 million ($12.5 million) in the first quarter this year, when compared to an operating profit of TRY 55.07 million in the first quarter of 2019. Kardemir’s sales revenues decreased by 7.4 percent year on year to TRY 1.51 billion ($221.81 million).

In the given period, Kardemir’s consolidated EBITDA was TRY 137.37 million ($20.12 million) compared to TRY 206.97 million in the first quarter of 2019, while its EBITDA margin fell to 9.1 percent from 12.7 percent in the same period of last year. Meanwhile, the company stated that its product sales volume amounted to 567,673 mt in the first quarter this year, falling by 9.3 percent year on year.

In the first quarter, Kardemir produced 672,201 mt of crude steel, up by 18.3 percent, while its pig iron production amounted to 613,337 mt, rising by 16 percent, both on year-on-year basis.

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