Turkish steel producer Yükselen Çelik has announced its financial results for the first quarter this year.
In the first quarter, Yükselen Çelik achieved a net profit of TRY 20.62 million ($1.05 million), down by 59.9 percent compared to the net profit of TRY 51.49 million in the same quarter of the previous year. The company registered an operating profit of TRY 27.23 million ($1.39 million) in the given period, down by 65.9 percent year on year, while its sales revenues decreased by 12.6 percent due to weak demand to TRY 328.03 million ($16.83 million).
The company’s EBITDA in the first quarter fell by 59.7 percent year on year to TRY 32.5 million ($1.66 million).
The company’s sales volume amounted to 11,658 mt in the given period, down by 35.3 percent year on year due to weak demand.
According to the company’s statement, it aims to maintain its positive profitability and market share for 2023 without any loss in sales revenues, despite the election period, the decrease in demand, high inflation and increasing costs.