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Turkey-based Çemtaş reports lower net loss for January-September

Thursday, 31 October 2024 12:27:38 (GMT+3)   |   Istanbul
       

Bursa-based Turkish steelmaker Çemtaş Çelik Makina Sanayi ve Ticaret A.Ş (Cemtas) has announced its financial and operational results for the first nine months of this year.

In the given period, the company reported a net loss of TRY 18.90 million ($557,967), compared to a net loss of TRY 57.27 million in the first nine months of the previous year, while its sales revenues amounted to TRY 4.35 billion ($127.05 million), dropping by 16.1 percent year on year. In addition, Çemtaş’ operating profit in the first nine months of the year came to TRY 618.44 million ($18.06 million), decreasing from the operating profit of TRY 944.09 million recorded in the same period of 2023.

In the January-September period, the company’s steel billet output totaled 115,820 mt, rising by 2.2 percent, while its rolled steel output grew by 2.3 percent to 113,350 mt, both year on year.

Meanwhile, in the first nine months, Çemtaş’ sales to the domestic market increased by 0.2 percent year on year to 75,397 mt, while its export sales moved up by 17.6 percent to 30,936 mt compared to the same period last year.

The company also stated that, following the completion of its 32 MWe solar power plant, which is under construction in Kars, it is estimated that more than 50 percent of its electricity consumption will be replaced with green energy, with the plant’s start-up scheduled for the fourth quarter of this year.


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