Turkey's leading steel pipe producer Borusan Mannesmann Boru has announced its financial results for the second quarter and the first half this year, posting a net profit of TRY 18.2 million ($8.4 million) in the second quarter, rising from TRY 3.3 million in the corresponding quarter of the previous year. In the given quarter, Borusan Mannesmann's sales revenues improved by 54.6 percent year on year to TRY 386.8 million ($178.5 million), while its operating profit amounted to TRY 22.7 million ($10.4 million), compared to an operating profit of TRY 3.4 million in the second quarter of 2013.
During the first six months of the current year, Borusan Mannesmann's net profit increased by 50.4 percent to TRY 10.6 million ($4.9 million), while the company's sales revenues increased to TRY 702.8 million ($323.4 million), up 34.9 percent, both year on year. In the first half, the company's operating profit rose by 82.7 percent to TRY 34.5 million ($15.9 million), compared to the first half of the previous year.
In the first six months of 2014, Borusan Mannesmann's steel pipe sales increased 11.9 percent year on year, rising to 301,000 metric tons. Sales of high value-added products, mainly pressure pipes, special pipes and spiral pipes, accounted for 49 percent of total sales. In the same period, the company's export volume rose by 20.4 percent compared to the same period of 2013.
According to Borusan Mannesmann, in the first half its standard pipe export volume increased by 66 percent, while exports to the automotive industry expanded by 18 percent, both year on year.
