Spanish producer Tubacex - the world's second largest manufacturer of seamless stainless tubes - has posted a net profit of €30.20 million for the first six months of 2007, representing an increase of 105.2 percent compared to the corresponding period of last year. Tubacex's net profit for the whole of 2006 had amounted to €30.95 million.
Meanwhile, the tube maker's total sales for January-June 2007 came to €367.49 million, up 31.2 percent on the figure for the first half of 2006. On the other hand, EBITA for the period in question totaled €50.05 million, a rise of 108.9 percent year on year.
Remarking on its positive H1 2007 results, Tubacex stated the strength of global demand for seamless stainless steel tubes was a determining factor, especially the demand resulting from investment projects in the energy and petrochemical sectors. Also influential were the improvements the company had made as regards production, costs, specialization and competitiveness at all its production facilities. The producer added that these factors were also likely to produce positive results for the coming financial years.