In its financial results according to international financial reporting standards (IFRS) for the second quarter of the current year, Russian pipemaker TMK saw its net income decrease by 27.6 percent compared to the first quarter this year to $76 million. In April-June this year, the company's sales revenues increased by seven percent quarter on quarter to $1.781 billion.
In the second quarter this year, TMK's adjusted EBITDA increased by five percent compared to the previous quarter to $290 million due to higher volumes of mainly seamless oil country tubular goods (OCTG) and large diameter (LD) pipe and lower operating expenses. The adjusted EBITDA margin in the second quarter this year declined to 16 percent from 17 percent in the first quarter of the year.
The company's net debt decreased by $128 million in the second quarter of 2012, amounting to $3.569 billion as of June 30, 2012.