Turkish steel producer Yükselen Çelik has announced its financial results for the first quarter this year.
In the given quarter, the company reported a net profit of TRY 70.09 million ($1.54 million), compared to the net loss of TRY 249.99 million in the same quarter of the previous year. Yükselen Çelik registered an operating profit of TRY 72.84 million ($1.6 million) in the given period, compared to an operating loss of TRY 290.53 million in the same quarter of the previous year, while its sales revenues increased by 22.8 percent year on year to TRY 424.27 million ($9.34 million).
The company stated that it continues its overseas subsidiary activities to strengthen its competitiveness in international markets and increase export revenues.
The statement also highlighted sectoral risks. It was noted that sudden fluctuations in steel prices could create pressure on inventory values and profitability. In addition, due to the sector’s high dependence on imported inputs, movements in exchange rates have a direct impact on costs.
