Bursa-based Turkish steelmaker Çemtaş Çelik Makina Sanayi ve Ticaret A.Ş (Çemtaş) has announced its financial and operational results for the first quarter this year.
Accordingly, in the given quarter the company registered a net loss of TRY 154.91 million ($4 million), compared to a net profit of TRY 90.29 million in the first quarter of the previous year, while its sales revenues amounted to TRY 1.27 billion ($32.86 million), declining by 38.3 percent year on year. In addition, Çemtaş’ operating profit in the first quarter decreased by 80.8 percent year on year to TRY 80.57 million ($2.08 million).
In the first three months of the current year, the company’s steel billet output totaled 41,482 mt, falling by 9.2 percent, while its rolled steel output moved down by 11.7 percent to 36,761 mt, both on year-on-year basis.
Meanwhile, in the first quarter, Çemtaş’ sales to the domestic market dropped by 24.0 percent year on year to 22,966 mt, while its export sales declined by one percent year on year to 11,119 mt.