Turkey-based steel pipe producer Borusan Mannesmann Boru has announced its financial results for the first quarter of the current year. In the first quarter, Borusan Mannesmann recorded a net profit of TRY 12.11 million ($3.17 million) compared to a net profit of TRY 17.75 million in the same period of the previous year, while the company’s sales revenues amounted to TRY 717.32 million ($188.3 million), rising by 30 percent year on year.
In the given quarter, premium quality product sales of the company amounted to 165,000 mt, remaining stable year on year, while the value of these sales increased by 26 percent year on year, exerting a positive impact on gross profit. In the same period, export sales accounted for 62 percent of total sales.
In addition, in the given period the company’s standard pipe sales volume was in line with the first three months of the previous year; however, profitability from these products increased significantly.