Turkish rebar producer Izmir Demir Çelik Sanayi A.Ş. (IDC) has announced its financial results for the second quarter and first half of the current year.
In the second quarter of this year, IDC registered a net loss of TRY 171.35 million ($29.9 million), compared to a net profit of TRY 50.99 million in the same quarter of 2017. The company's sales revenues increased by 43 percent year on year to TRY 1.026 million ($179.13 million). In the given period, IDC recorded an operating loss of TRY 39.22 million ($6.85 million) compared to an operating profit of TRY 44.74 million in the same period of the previous year.
In the January-June period this year, IDC recorded a net loss of TRY 194.94 million ($34.08 million) compared to a net profit of TRY 45.5 million in the same period of the previous year. In the first half of the current year, the company’s sales revenues amounted to TRY 2.06 billion ($361.16 million), rising 45 percent year on year, while it registered an operating loss of TRY 12.18 million ($2.13 million) compared to the operating profit of TRY 70.74 million in the same period of 2017.
IDC said that in the first half of this year its steel billet output decreased by four percent to 629,395 mt, while its rebar production amounted to 508,074 mt, rising by 13 percent, both year on year. Besides, 166,726 mt of rebar was also produced by the company's contractual partners in the given period, with a year-on-year rise of four percent. During the same period, the company produced 134,138 mt of steel sections at its medium section mill, up 24 percent year on year.
Meanwhile, in the first half this year IDC’s finished steel sales went up by five percent to 772,118 mt, while its export sales decreased by 19 percent to 190,063 mt, both year on year.
IDC stated that the continuing of the extraordinary rise in exchange rates in the current year caused foreign exchange losses.