Turkish rebar producer Izmir Demir Celik Sanayi A.Ş. (IDC) has announced its financial results for the first half of 2020.
Accordingly, in the first half IDC registered a net loss of TRY 458.85 million ($62.08 million), compared to a net loss of TRY 346.93 million in the first half of 2019 due to increase in foreign exchange rates. In the same period, the company's sales revenues decreased by 1.3 percent year on year to TRY 2.11 billion ($286.18 million). In the given period, IDC recorded an operating profit of TRY 75.94 million ($10.28 million) compared to an operating loss of TRY 103.71 million in the same period of the previous year.
IDC said that in the first six months of the current year its steel billet output decreased by two percent to 606,722 mt, while its rebar production totaled 387,041 mt, falling by 13 percent, both year on year. Besides, 121,114 mt of rebar was also produced by the company's contractual partners in the given period, with a year-on-year increase of seven percent. In the given period, the company produced 115,132 mt of steel sections, down by 11 percent year on year.
In the first half of 2020, IDC’s finished steel sales decreased by four percent to 623,059 mt, while export sales declined by eight percent to 188,830 mt, both year on year.
The company statement said that during the first half of the year finished steel prices remained stable on average on year-on-year basis. The company also noted that margins have not recovered amid increasing foreign exchange rate, as the costs are mostly in dollar basis. Meanwhile, the company’s energy unit recorded an operational profit. The company also stated that the company’s export sales revenue decreased by 18 percent year on year.