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Turkey-based IDC records net loss in Jan-Sept, output increases in all segments

Thursday, 14 November 2024 11:36:57 (GMT+3)   |   Istanbul
       

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

Accordingly, in the first nine months IDC registered a net loss of TRY 3.37 billion ($98.19 million), compared to a net loss of TRY 258.87 million in the first nine months of 2023. In the same period, the company’s sales revenues decreased by 12.5 percent year on year to TRY 32.09 billion ($933.84 million). In the given period, IDC recorded an operating loss of TRY 2.95 billion ($85.75 million) compared to an operating loss of TRY 1.52 billion in the same period of the previous year.

IDC said that in the January-September period of the current year its steel billet output increased by 28.0 percent to 1.37 million mt, while its rebar production totaled 725,546 mt, up by 17.0 percent, both year on year.

280,960 mt of rebar was also produced by the company’s contractual partners in the given period, with a year-on-year increase of six percent. In the given period, the company produced 214,290 mt of steel sections, up by seven percent year on year.

In the first nine months of 2024, IDC’s finished steel sales increased by 19.0 percent to 1.22 million mt, while export sales grew by 8.0 percent to 216,405 mt, both year on year.


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