Kordsa quarterly profit soars

Istanbul, Turkey – Turkish industrial yarn and cord fabric producer Kordsa Global has reported a strong sales and income in the second quarter 2015, ended on 30 June.

Total sales rose by 11.4 percent  compared to the previous quarter, with revenues of TRY 869 million (€275.4 million) at the end of the first half of the year.

Kordsa is sticking by its 2015 year-end projections: sales to increase in the range of 10 to 20 percent and earnings (EBITDA) to grow 25 to 35 percent.

“We reinforced our presence in the Asian market with our $100 million-plant (€90 million) in Indonesia that was commissioned at the beginning of 2015,” said CEO Cenk Alper, adding that the company ranked third in producers in the league of HMLS polyester yarn and cord fabric.

Kordsa, said Alper, faced challenging market conditions in Brazil, influenced by the slowdown of the national economy and the negative developments in money markets.

“Low-quality, low-cost Chinese goods that enter the US market play a role in the shaping of the market,” he said. “Despite all these factors, increase in demand and strong market dynamics in Europe and Asia compensate for the said negative effects.”

Some 77 percent of Kordsa’s sales are in US dollars and the rest in euros.