Tubacex reports 70% decrease in profit
Spanish steel tube maker Tubacex reported its profit as €3.3 million for the first nine months of 2003 with a 70% decrease compared to same period last year due to weak demand and Euro's appreciation against US Dollar. However, the company officials expressed that the market conditions have started to recover in the second half of the year. In January-September period, sales decreased by 10.3% to € 191.3 million while operating profit was down by 52% to €8.1 million. The company has exported more than 70% of its production, but the decline of US Dollar has shown a negative impact on results.