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Turkey-based IDC records higher net loss in H1

Monday, 16 September 2024 17:44:10 (GMT+3)   |   Istanbul
       

Turkish rebar producer İzmir Demir Çelik Sanayi A.Ş. (IDC) has announced its financial and operational results for the first half of 2024.

Accordingly, in the first half IDC registered a net loss of TRY 2.32 billion ($68.37 million), compared to a net loss of TRY 1.92 billion in the first half of 2023. In the same period, the company’s sales revenues decreased by 23.1 percent year on year to TRY 18.20 billion ($535.57 million). In the given period, IDC recorded an operating loss of TRY 1.29 billion ($38.05 million), compared to an operating profit of TRY 1.36 billion in the same period of the previous year.

IDC said that in the first six months of the current year its steel billet output increased by 10.3 percent to 790,913 mt, while its rebar production totaled 542,544 mt, falling by 5.0 percent, both year on year. Besides, 180,204 mt of rebar was also produced by the company’s contractual partners in the given period, with a year-on-year increase of 3.1 percent. In the given period, the company produced 144,024 mt of steel sections, up by 5.2 percent year on year.

In the first half, IDC’s finished steel sales increased by 3.8 percent to 755,060 mt, while export sales fell by 8.4 percent to 137,410 mt, both year on year.


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