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Revenues climb 11.4% at cord fabric maker Kordsa Global
22
Aug '15
Revenues for the three months to June 30, 2015 climbed 11.4 per cent over the three months to March 31, 2015 at Kordsa Global, a Turkish producer of industrial yarn and cord fabric.

Kordsa Global's revenues amounted to TRY 869 million in the second quarter of the current year, up 11.4 per cent compared to the first quarter of 2015.

“Net profit reached TRY 34.2 million and core operating profit amounted to TRY 47.6 million in the same period,” a Kordsa Global press release stated.

According to CEO Cenk Alper, Kordsa Global, which is performing as per its targeted goals, would keep increasing its profitability in 2015.

Stating that there were no changes in their 2015 year projections, Cenk Alper said that he expected sales to rise in the range of 10-20 per cent and EBITDA to surge between 25-35 per cent over 2014.

“We were rewarded in the best way possible for our efforts not only in the financial sense, but also in terms of our influence on the stock exchange,” he added.

Despite the vulnerable course in currency markets, Kordsa Global, which derives 77 per cent of its sales in dollars and 23 per cent in euros, benefited from the situation and performed better than expected.

As a result of a free float rate that reached 29 per cent, an increased traded volume as well as market cap in the first half of 2015, Kordsa Global was added to the Istanbul Stock Exchange National 100 Index.

“Attracting ever-increasing interest from investors, Kordsa Global thus started to be influential on market growth as well,” the company observed.

In the second quarter of 2015, the yarn and fabrics maker distributed TRY 68 million in dividends to its shareholders.

Due to the R&D work, the company has been pursuing since 2008, the portfolio of its patents, most of which are international, has reached 236.

As a consequence of its R&D efforts, Kordsa witnessed a four-rank leap in the Turkish Patent League from the 10th position last year to the 6th this year with 14 patent applications filed alone in the first half of 2015.

In cooperation with Sabanci University, it also initiated an investment in the Composite Technologies Center of Excellence, which will become operational in 2016.

This investment, according to Kordsa Global, will lend it the capacity to produce advanced composite material technologies that have transformed many sectors from aviation to automotive.

The Turkish company also reinforced its presence in the Asian market with its $100 million-plant in Indonesia that was commissioned at the beginning of 2015.

With its new-generation yarn production capability, it said, it plans to make full use of this additional 18 kiloton-capacity gradually in the next three years. (AR)

Fibre2Fashion News Desk – India

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