Kardemir, Karabük Iron and Steel makes TL 102.6 million net profit in first half 2019

Karabük Iron and Steel Factories (KARDEMIR) is reported to have made a profit of TL 102.6 million in the first half of this year has. It was announced by the company the second quarter of 2019 had been profitable as well.

According to the company’s 6 month consolidated financial statements announced to the public sales revenues increased by 28.5 percent compared to the same period last year, reaching TL 3 billion 275 million and the quantity of sales increased by 5.5 percent to 1.19 million tons.

This performance was recorded in a difficult period Turkey has been going through in terms of economy and Turkey’s average steel production has dropped by 5.5 percent to 1.19 million tons.

The net profit of the company which was expected round TL 72 million turned out to be TL 102.6 million at the end of said period.

It was mentioned in the statement that the company had outperformed the sector averages despite trade wars, contraction in demand in the sector and continued to be profitable despite factors such as unusual movements in exchange rates.

The company realized its budget targets in the second quarter as well although some production units had been stopped and taken into maintenance due to capacity increase investments

It was noted in the statement that dynamic sales policy, effective purchasing activities and strict financial management had played an important role in profitability.