Bursa-based Turkish steelmaker Cemtas Celik Makina Sanayi ve Ticaret A.S (Cemtas) has announced its financial results for the first quarter of the current year.
Accordingly, Cemtas has reported a net profit of TRY 15.51 million ($2.19 million) for the given quarter, compared to a net profit of TRY 20.19 million in the first quarter of the previous year. In the first quarter this year, the sales revenue of the company amounted to TRY 179.68 million ($25.41 million), rising by ten percent year on year, while the company registered an operating profit of TRY 13.38 million ($1.89 million), decreasing from the operating profit of TRY 18.41 million recorded in the same period of 2019.
In the first three months of the current year, Cemtas' steel billet output totaled 42,154 mt, increasing by 44.12 percent, while its rolled steel output rose by 20.05 percent to 35,830 mt, both year on year.
Meanwhile, in the first quarter, the company’s sales to the domestic market increased by 20.48 percent year on year to 24,380 mt, while its export sales rose by 23.96 percent to 15,129 mt compared to the same period last year.