Turkey's leading steel pipe producer Borusan Mannesmann Boru has announced its financial results for the third quarter and the first nine months of 2013.

In the third quarter, the company's net profit amounted to TRY 28.8 million ($14 million), registering a sharp increase from its net profit of TRY 1.4 million in the corresponding quarter of the previous year. Borusan Mannesmann's sales revenues in the given quarter amounted to TRY 344.5 million ($167.7 million), up 7.5 percent, while its operating profit totaled TRY 11.44 million ($5.6 million), up 33.4 percent, both year on year

During January-September, Borusan Mannesmann registered a net profit of TRY 36.12 million ($17.6 million), falling 1.8 percent year on year. In the given period, the company's sales revenues decreased by 17 percent year on year to TRY 880.33 million ($428.6 million). Borusan Mannesmann's operating profit amounted to TRY 30.9 million ($15 million), down 45.5 percent compared to the same period of 2012.

In the first nine months, Borusan Mannesmann's steel pipe sales decreased by 18.5 percent year on year, falling to 440,000 metric tons. Sales of high value-added products, mainly pressure pipes, special pipes and spiral pipes, accounted for 45 percent of total sales. In the same period, the company's export volume declined by 32.2 percent compared to the corresponding period of 2012, accounting for 55 percent of the total business volume.

According to Borusan Mannesmann, in January-September the company's domestic sales increased by seven percent, while sales of high value-added products such as water and natural gas pipes improved by eight percent, both year on year.

Commenting on the Turkish steel pipe industry, Borusan Mannesmann stated that during the first nine months the Turkish steel pipe industry performed well both in production and export despite the political tensions in the Middle East and the ongoing economic recession in the EU countries.

Established in 1958, Borusan Mannesmann's annual steel pipe production capacity is 1,000,000 metric tons, including 800,000 metric tons of longitudinal welded pipes and 200,000 metric tons of spiral welded pipes, while its subsidiary in Vaborno, Italy can produce 28,000 metric tons per year of high value-added cold drawn pipes for the automotive industry.