Isdemir announces profit for the month of July

Isdemir announces profit for the month of July

Isdemir Demir Celik A.S. (ISDEMIR) declared an operating profit of $1.1 million in July 2002. The company was taken over by another major integrated Turkish mill, Eregli Demir ve Celik Fabrikalari T.A.S. (ERDEMIR). The notice sent to the Istanbul Stock Exchange (ISE) by Erdemir states that total production of Isdemir within the period between February 01 – July 31 of year 2002 is 839.000 tons and the total tonnage of sales effected is 871.000. According to this notice, net sales revenue obtained from these sales equal to $155millon. The positive effect of the restructuring and cost reducing processes is emphasized on the notice sent to ISE making a reference to a comparison of Isdemir's $63.5million loss for the first half of 2001 and the $20.7 million cumulative 6 months loss for the period of February 01-July 31 2002. According to the reports, Isdemir's profit on monthly basis is calculated to be $1.1million for the month of July.