Turkish rebar producer Izmir Demir Çelik Sanayi A.Ş. (IDC) has announced its financial results for the first quarter of the current year.
Accordingly, in the first quarter, IDC registered a net profit of TRY 35 million ($11.92 million), compared to a net loss of TRY 117.22 million in the same quarter of 2015. In the first quarter this year, the company's sales revenues decreased by 11 percent year on year to TRY 507.98 million ($173.76 million). In the same quarter, IDC recorded an operating profit of TRY 38.73 million ($13.25 million), compared to an operating profit of TRY 4.87 million in the same quarter of the previous year.
IDC said that in January-March period this year its steel billet output increased by 25 percent to 343,583 mt, while its rebar production amounted to 245,763 mt, rising 23 percent, both year on year. Besides, 89,473 mt of rebar was also produced by the company's contractual partners in the given period, with a year-on-year increase of eight percent. During the same period, the company produced 71,170 mt of steel sections at its medium section mill, up seven percent year on year.