Turkish steel producer Yükselen Çelik has announced its financial results for the first half this year.
In the first half, Yükselen Çelik achieved a net profit of TRY 5.6 million ($207,155), down by 95.2 percent compared to the net profit of TRY 118.88 million in the same quarter of the previous year. The company registered an operating profit of TRY 29.22 million ($1.08 million) in the given period, down by 84.8 percent year on year, while its sales revenues decreased by 38.6 percent due to lower prices and weak demand to TRY 467.28 million ($17.26 million).
The company’s sales volume amounted to 15,116 mt in the given period, down by 53.6 percent year on year due to weak demand.
According to its statement, the company’s raw material stock and financing expenses increased due to the decrease in demand.