Turkish integrated long steel producer Kardemir Karabuk Demir Celik Sanayi ve Ticaret A.S. (Kardemir) has announced its financial results for the second quarter and the first half of 2013.
In the second quarter, Kardemir recorded a net profit of TRY 35.4 million ($17.5 million), falling by 44.7 percent compared to the same quarter of the previous year. Sales revenues of the company increased by 2.02 percent year on year to TRY 463.2 million ($228.7 million). The company registered an operating loss of TRY 20 million ($9.9 million), compared to an operating profit of TRY 83.4 million in the same period last year.
During the first six months, Kardemir's net profit declined 91.2 percent year on year to TRY 12.22 million ($6 million). In the first half, Kardermir's sales revenues amounted to TRY 834.6 million ($412.5 million), down four percent year on year. In the given period, the company registered an operating profit of TRY 22.75 million ($11.25 million), compared to an operating profit of TRY 143.52 in the corresponding period of 2012.
In the first half of the current year, Kardemir produced 361,700 mt of metallurgical coke - down 2.25 percent, 817,746 mt of crude steel - up 9.7 percent, and 27,404 mt of pig iron - decreasing by 59 percent, all on year-on-year basis. Meanwhile, in the period in question, the company's billet output totaled 491,830 mt, declining by 6.7 percent, while its bloom output amounted to 306,796 mt, rising by 52 percent, both compared to the first half of the previous year.
During the first six months this year, Kardemir's rebar output decreased by 8.6 percent to 298,237 mt, its steel section production declined by 17 percent to 56,457 mt, while its rail product output totaled 109,341 mt - up 110.4 percent, all compared to the first half of 2012.