Turkish pipemaker Özbal Çelik Boru has announced its financial results for the third quarter and the first nine months of 2012.
In the third quarter this year, Özbal registered a net loss of TRY 1.95 million ($1.08 million), compared to a net loss of TRY 7.8 million in the corresponding period of 2011. Total sales revenues of the company decreased 15 percent year on year to TRY 25.5 million ($14.2 million). Özbal also reported an operating loss of TRY 998,218 ($554.018) for the given period, compared to an operating loss of TRY 2.7 million in the third quarter of the previous year.
In the first nine months of the current year, Özbal Çelik Boru posted a net loss of TRY 4.7 million ($2.6 million), compared to a net loss of TRY 7.22 million in the corresponding period of the previous year. Özbal's sales revenues amounted to TRY 69.45 million ($38.6 million), down 20.3 percent year on year. Özbal also reported an operating loss of TRY 3.4 million ($1.9 million) for the given period, compared to an operating profit of TRY 1.3 million in January-September 2011.
Özbal stated that it has won a TRY 25 million ($13.9 million) pipe supply tender from Turkish state-owned pipeline operator Botaş and has started related production. Since it was received after September 30, the order will be reflected in the results of coming periods.