Tubacex posts strong net profit

Spanish steel tube producer Tubacex SA's net profit rose 21.5 percent in the first quarter of 2006 thanks to the strong demand for seamless stainless steel tubes worldwide. Tubacex disclosed that its net profit rose from Euro 6.15 million ($7.8 million) in the first quarter of 2005 to Euro 7.47 million ($9.6 million) in the first quarter of 2006. The company's sales also rose 20.1 percent year on year to Euro 128.9 million ($164.7 million) during the same period.