TMK sees net loss in third quarter

Friday, 21 November 2014 16:29:59 (GMT+3)   |  
       

In its financial results according to international financial reporting standards (IFRS) for the third quarter of the current year, Russian pipemaker TMK registered a net loss of $7 million compared to a net profit of $60 million registered in the second quarter of this year.

In the July-September quarter this year, the company's sales revenues increased by one percent quarter on quarter to $1.526 billion, mainly as a result of higher large diameter (LD) pipe volumes in the Russian division and stronger seamless pipe sales in the American division.

In the third quarter this year, TMK's adjusted EBITDA increased by six percent compared to the previous quarter to $202 million mainly due to higher prices of seamless pipe and stronger seamless oil country tubular goods (OCTG) sales in the American division and a favorable product mix of welded pipes in the Russian division. The adjusted EBITDA margin in the third quarter this year remained almost unchanged at 13 percent compared to the second quarter of the year.

As of September 30, 2014, the company's total debt had decreased by $208 million compared to June 30, 2014 to $3.546 billion, as a result of the rouble's depreciation against the US dollar.


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