News Column

2013 consolidated net income of steelmaker Erdemir up 104% y/y.

February 16, 2014



Steelmaker Eregli Demir Celik said its 2013 consolidated net income increased by 103.5% y/y to TRY 920mn (EUR 306mn) from TRY 452mn a year ago.

Revenues of Erdemir rose by 2.2% y/y to TRY 9.8bn from TRY 9.6bn.

9M net income of the steelmaker also jumped to TRY 767.9mn from TRY 370.9mn a year ago. In January-September, revenues increased slightly to TRY 7.2bn from TRY 7.14bn.

Last month, Erdemir informed that its subsidiary Isdemir (Iskenderun Demir Celik) lifted its capital to TRY 2.9bn. Erdemir exercised its pre-emptive rights in the capital increase and its stake in Isdemir increased to 95.07% from the previous 92.91%.

In October, ArcelorMittal sold its 6.66% stake in Erdemir. The sale generated proceeds of approximately USD 267mn, ArcelorMittal said at that time.



Erdemir (consolidated) Financials



(mn TRY)



2012



2013



 (y/y)



Revenues



9,570



9,781



2.2%



Gross Margin



1,029



1,859



80.7%



Operating Income



753



1,559



107.0%



Net Income



452



920



103.5%



Source: PDP



 



 



 



 


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Source: IntelliNews - Weekly Reports


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