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


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 2017 Thomson Reuters. Click for Restrictions.


Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.


Our Privacy Pledge

Most Popular Articles

From the Career Center
Jobs that may interest you
Field Project Assistant
Expertise: Project Management
Location: Midland, TX
Tax Specialist Required for Global Service Company in Houston
Expertise: Accounting
Location: Houston, TX
Administrator / Office Supervisor
Expertise: Accounting
Location: Sugar Land
search for more jobs

Brent Crude Oil : $52.42/BBL 2.12%
Light Crude Oil : $49.51/BBL 2.35%
Natural Gas : $3.17/MMBtu 2.25%
Updated in last 24 hours