Russia's TMK Says Q2 Net Profit Rises To $57M

Reuters

MOSCOW, Aug 19 (Reuters) - TMK, Russia's largest maker of steel pipes for the oil and gas industry, said on Friday its second-quarter net profit rose to $57 million from $47 million in the same period of last year.

TMK said revenue was at $853 million, down from $1.16 billion a year earlier, while adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) decreased to $143 million from $172 million.

The company sees lower sales in Russia in the next quarter due to seasonally weaker demand and scheduled maintenance, but expects an improvement in demand in the fourth quarter.

TMK also said it expected an improved overall EBITDA performance in the second half of 2016 and that its full-year EBITDA margin would remain flat compared to 2015.

(Reporting by Andrei Kuzmin; writing by Katya Golubkova; editing by Maria Kiselyova)

Copyright 2016 Thomson Reuters. Click for Restrictions.

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