Steelmaker Kardemir said its 2013 consolidated net profit decreased by 48.4% y/y to TRY 100.1mn (
Consolidated revenues of Kardemir increased by 7.4% y/y to TRY 1.8bn in the year from TRY 1.7bn in 2012.
Kardemir's consolidated net profit had decreased by 76% y/y to TRY 44mn in January-September from TRY 186mn a year ago while consolidated revenues slightly declined by 0.1% y/y to TRY 1.3bn.
The company's total investments amounted to TRY 418.5mn in 2013, up from TRY 288mn in the first nine months of the year.
Erdemir's total production rose to 1.6mn tonnes in 2013 from 1.5mn tonnes in 2012. The company's total production in Jan-Sep had increased to 1.2mn tones from 1.1mn tones a year ago.
Last month, Kardemir informed that it signed a collective bargaining agreement with employees' union Celik-Is. Accordingly, the wages of Kardemir's workers will be hiked by CPI inflation rate + 2% for the first half of 2014 and by CPI inflation rate for the second half of this year, the statement detailed.
In August last year, Kardemir's 99.99% subsidiary Kardokmak signed an agreement with
Kardemir (consolidated) Financials
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