21 June 2005 -

Report Summary

Turkey's flat steel producer, Eregli announced US$ 129 mn net profit in 1Q05, in its IFRS financials. Eregli continued to perform well both in operating and non-operating side, however margins contracted compared to 2004 margins due to higher raw material costs in 2005. The result is in line with our expectations. Net profit figure based on inflation adjusted CMB financials in 1Q04 was US$ 122 mn.

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