Erdemir increased net profit in the first half of the year

The largest steel group of Turkey Erdemir announced its financial results for the second quarter and the first half of 2013.

In the second quarter, the company's net profit amounted to 316 million. Try increasing from 95.22 million TRY received in the second quarter of the previous year. The company's incomes from sales in this quarter amounted to 2.61 billion Try, showing an increase of 11.4 percent, and its operating profit amounted to 500.2 million TRY, increasing almost 2.5 times in annual calculus.

In the first six months of the current year, Erdemir registered a net profit of 544.3 million Try, which increased by almost 2.5 times compared to the same period in 2012. The company's revenue from sales increased by 5.55 percent to 5.05 billion Try. In the first half of the year, Erdemir operating profit amounted to 838.5 million Try, which is much higher compared to operating profit of 292.770 million in the first half of last year.

As for operating results, during the first 6 months the production of steel in Erdemir's Eregli increased by 31.2 percent when a year compared by a year to 1.9 million tons. While the production volume of steel in ISKenderun grew by 11.1 percent year to 2.5 million tons. During this period, the output of the flat rental in Erdemir increased by 13.4 percent to 3.25 million tons, and the output of the long rental amounted to 861 thousand tons, which is 42.5 percent higher compared to the corresponding period of 2012.

According to Erdemir, the modernization of the coke battery No. 4 at the ISKenderun factory is still ongoing. So on June 30, 2013, the total amount of investment of Erdemir amounted to $ 92 million. The Erdemir statement noted that, despite the weakness of the indicators of European economies and low growth rates around the world, in general, indicators indicate an improvement in the company's position.