Turkish pipemaker Özbal Çelik Boru has announced its financial results for the full year 2012.
In 2012, Özbal registered a net loss of TRY 6.1 million ($3.4 million), decreasing from a net loss of TRY 11.17 million in the previous year due to technology investment. Total sales revenues of the company decreased 13.5 percent year on year to TRY 101.12 million ($55.79 million). Özbal also reported an operating loss of TRY 2.66 million ($1.47) for the given period, compared to an operating loss of TRY 564,978 in 2011.
Özbal stated that it achieved its production target of 60,000 mt in 2012. The company expects a turnover of TRY 130 million for 2013, given the orders received at the end of 2012 which will be reflected in the 2013 figures. Özbal said that it does not plan to make any investments during 2013.