Turkish pipemaker Özbal Çelik Boru has announced its financial results for the second quarter and the first half of 2012.
In the second quarter this year, Özbal registered a net loss of TRY 1.8 million ($1 million), compared to a net loss of TRY 757,851 in the corresponding period of 2011. Total sales revenues of the company decreased 19.5 percent year on year to TRY 31.6 million ($17.5 million). Özbal also reported an operating loss of TRY 256,777 ($142.655) for the given period, compared to an operating profit of TRY1.54 million in the second quarter of the previous year.
In the first six months of the current year, the company posted a net loss of TRY 2.75 million ($1.5 million), compared to a net profit of TRY 605,735 in the corresponding period of the previous year. Özbal's sales revenues amounted to TRY 43.9 million ($24.4 million), down 23.1 percent year on year. Özbal also reported an operating loss of TRY 2.39 million ($1.3 million) for the given period, compared to an operating profit of TRY 4 million in the first half of 2011.
Özbal stated that the company aims to receive orders with higher profit margins by active involvement in domestic and overseas tenders, adding that infrastructure projects in North African and Central Asian countries and restructuring in Iraq will mean that these countries will be important markets for the company.