Turkey’s Özata Shipyard reported a net loss of TRY574.05 million (US$11.49 million) for the nine months to September 30, 2026, compared with a loss of TRY70.68 million (US$1.41 milllion) a year earlier.
The company published its unconsolidated results on KAP on Friday, October 30. These showed revenue falling 14.3 per cent year-on-year to TRY2.176 billion (US$44 million).
Gross profit dropped to TRY188.08 million (US$3.76 million) from approximately TRY634.1 million (US$12.69 million), and operating profit fell to TRY113.28 million (US$2.27 million) from approximately TRY322.78 million (US$6.46 million).
Expenses from investing activities of TRY535.45 million (US$10.72 million), financial expenses of TRY415.52 million (US$8.32 million), and a deferred tax charge of TRY253.5 million (US$5.07 million) deepened the loss below the operating line.
The third quarter produced a net profit of TRY62.73 million (US$1.26 million) on revenue of TRY583.36 million (US$11.67 million). This compared with a Q3 profit of TRY246.08 million (US$4.92 million) in 2025.
Operating activities consumed TRY995.03 million (US$19.91 million) over the nine months. Sales of tangible and intangible fixed assets generated TRY1.462 billion (US$29 million), and fixed asset purchases totalled TRY314.39 million (US$6.29 million).
Cash and cash equivalents rose to TRY245.61 million (US$4.92 million) at the end of September from TRY31.23 million (US$630,000) at the end of 2025.
The disposals included the DOK-6 floating dock, which was sold for US$7.65 million in March to an unrelated third party after being valued at US$8 million.
"It was decided to sell the smaller floating dock named Dok-6 because the newly purchased floating dock named Dok-1 can service all Panamax vessels," the company said, adding that the sale had no adverse effect on operations.
At September 30, the company held TRY542.74 million (US$10.86 million) of current financial borrowings and TRY1.471 billion (US$29 million) of non-current financial borrowings. Total equity stood at TRY4.83 billion (US$97 million) against total assets of TRY8.48 billion (US$170 million).
On October 12, Özata reported the completion of four ship repair and maintenance contracts signed with overseas firms in August. Additional customer requests raised their combined value from US$4.565 million to US$5.605 million.
The company said the work, "is expected to have a positive effect on revenue and profitability."
