Turkish pipemaker Özbal Çelik Boru has announced its financial results for 2011, reporting a net loss of TRY 11.14 million ($6.19 million) compared to a net profit of TRY 2.8 million in 2010.
In 2011, total sales revenues of the company increased 37.1 percent year on year to TRY 116.82 million ($64.88 million). Özbal also reported an operating loss of TRY 564,978 ($313,731) for the given year, compared to an operating profit of TRY 6.07 million in the previous year.
Özbal Çelik Boru stated that it increased its output capacity from 75,000 mt to 150,000 mt financed through its own sources in 2010, but has made no investment in 2011. As a result of the capacity expansion investment, a decrease is expected in sales cost which is to be reflected in the orders to be received in 2012.
Regarding 2012, Özbal plans to use 60 percent of its capacity for orders from abroad and 40 percent for domestic orders. The company expects a sales turnover of TRY 130 million in 2012.