Turkey’s Kardemir reports net loss for Jan-Sept

Tuesday, 10 November 2020 10:56:47 (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 nine months of the current year.

In the given period, Kardemir registered a net loss of TRY 396.49 million ($47.4 million), compared to a net profit of TRY 209.27 million recorded in the same period of the previous year. The company registered an operating loss of TRY 9.28 million ($1.1 million) in the first nine months this year, compared to an operating profit of TRY 314.15 million in the first nine months of 2019. Kardemir’s sales revenues increased by 12.7 percent year on year to TRY 5.17 billion ($620.36 million).

In the given period, Kardemir’s consolidated EBITDA was TRY 654.43 million ($77.7 million) compared to TRY 578.85 million in the first nine months of 2019, while its EBITDA margin fell to 12.5 percent from 12.6 percent in the same period last year. Meanwhile, the company stated that its product sales volume amounted to 1.78 million mt in the first nine months this year, falling by 6.5 percent year on year.

In the given period, Kardemir produced 1.89 million mt of crude steel, up by 13.1 percent, while its pig iron production amounted to 1.71 million mt, rising by 12.5 percent, both on year-on-year basis.

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