Asil Celik Posts 76.5% Fall In H113 Net Profit
News: Turkish steel producer Asil Celik has posted a 76.5% y-o-y decline in its H113 net profit following a fall in revenues and a rise in costs, Steel Orbis reports. The fall, which puts the company ' s total H113 net profit at TRY7.33mn (US$3.67mn), has been linked to its 29.3% y-o-y fall in sales revenues, down to TRY244.6mn (US$133.6mn). The company also reported a 71.1% y-o-y decline in its operating profit, down to TRY11.24mn (US$5.63mn) .
BMI View: Turkey has a wide variety of mineral resources but the bulk of these have not been fully (or properly) exploited as yet. The Turkish mining industry provides the raw material for key manufacturing industries such as iron and steel, aluminium, cement and fertilisers. Coal, chromite, bauxite, iron ore and copper are the major contributors in the nation's mineral industry. Coal exports from Russia to Turkey edged up by 1.1% y-o-y to 123.2mn tonnes in the first five months of 2011, according to Eurostat.