Greek steel pipe producer Corinth Pipeworks has announced its financial results for the first half of the current year, reporting a net profit of €3.5 million, compared to a net profit of €6.5 million recorded in the same period of the previous year. In the first six months of this year, the company’s turnover amounted to €146.4 million, remaining almost stable, while its EDITDA decreased by six percent to €12.4 million, both year on year.
According to the company, the volatility of the international markets remains significant. Despite the recent increase in the prices of oil and natural gas, the continued low price environment remains unfavorable for the energy sector. However, this is offset by a number of factors, such as the company’s sizeable backlog, the low prices of raw materials and the favorable euro-US dollar exchange rate.