Bursa-based Turkish steelmaker Cemtas Celik Makina Sanayi ve Ticaret A.S (Cemtas) has announced its financial results for the second quarter and the first half of 2013.
Cemtas has reported a net profit of almost TRY 4 million ($2.07 million) for the second quarter, compared to a net profit of TRY 382,549 in the same quarter of the previous year. The sales revenues of the company amounted to TRY 57.51 million ($29.8 million), increasing by 2.9 percent year on year, while its operating income was TRY 6.4 million ($3.31 million) compared to an operating loss of TRY 59,591 in the second quarter of 2012.
In the first half of the current year, Cemtas' net profit increased by 68.5 percent year on year to TRY 5.7 million ($2.95 million). The company's sales revenues in the same period was TRY 104.14 million ($54 million), down 10.3 percent compared to the corresponding period of the previous year. Cemtas posted an operating profit of TRY 7.95 million ($4.12 million), compared to an operating profit of TRY 1.45 million in the first half of 2012.
During the first six months, Cemtas' steel billet output totaled 69,457 mt, increasing by two percent, while its rolled steel output increased by one percent to 64,703 mt, both compared to the corresponding period of 2012.
According to Cemtas, in the first half the Turkish automotive industry maintained its production levels and registered a seven percent increase in exports and a 12 percent increase in domestic sales. Steel prices were volatile in the given period mainly due to fluctuating raw material and scrap prices and ups and downs in demand. Cemtas expects the fluctuations in demand to moderate in the second half of 2013.