In the third quarter of the current year, Sinarsky Pipe Works, a subsidiary of Russia's largest pipe producer TMK, recorded a net profit of RUB 91.7 million ($1.95 million), against a net loss of RUB 36 million in the second quarter this year, according to the company's statement. Also in the third quarter, the sales revenues of Sinarsky Pipe Works doubled compared to the second quarter to RUB 7.14 billion ($0.152 billion).
In the January-September period of the current year, Sinarsky Pipe Works saw a net profit of RUB 57.9 million ($1.23 million) against a net profit of over RUB 1 billion in the same period last year. The revenue of Sinarsky Pipe Works in the first nine months of this year declined by four percent year on year to RUB 20.4 billion ($0.435 billion).
The negative financial results were mainly caused by the rise in steel billet prices, the lower level of average sales prices for finished products, the decline in production and shipment of pipes in conjunction with the overhaul of the main technological equipment and with changes in the company's sales structure.