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Turkish Steel Maker Erdemir's Net Profits Decrease 72% in Second-Quarter 2012
ISTANBUL-- August 10, 2012--Researched by Industrial Info Resources (Sugar Land, Texas)--Eregli Demir Celik (ISE:EREGL) (Erdemir) (Zonguldak, Turkey), Turkey's biggest flat-steel maker, said second-quarter profit decreased 72% from the same period last year to $45.7 million, due to lower steel prices and a negative inventory effect. According to a filing to the Istanbul Stock Exchange, the revenue for Erdemir was up 7.7% to $1.28 billion. Erdemir's EBITDA came in at $131.3 million in second-quarter 2012, down by 58% year-on-year (YoY), due to higher costs, below market expectations of $150.3 million, while EBITDA margins fell to 10% in the second quarter from 25.6% in the same period of 2011. In cumulative terms, total profit fell 63% YoY to $115.1 million in the first half of this year from $309.5 million in the first half of 2011.
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