Basque region, Spain-based seamless stainless steel pipe producer Tubacex has announced its financial results for the first quarter of the current year. Net profit totaled €3.53 million in the given quarter, tripling the net profit registered in the corresponding quarter of 2012.
The company's sales revenues increased by 7.6 percent year on year to €145.51 million in the first quarter this year, with a significant increase in the sale of high value-added products for oil and gas exploration and extraction and for power generation. Tubacex pointed out that raw material prices have been decreasing significantly, especially nickel, with average prices falling by 12 percent in the first quarter of 2013 compared to the same quarter of 2012.
In the first quarter this year, Tubacex's EBITDA amounted to €14.37 million, rising by 38.6 percent year on year. The company reduced its net debt by €9.8 million, supported by efforts to reduce working capital.
In 2013, Tubacex expects to maintain the trend of progressive increase in earnings, based on good tube demand prospects, especially in high value-added products, the increase in OCTG tube production capacity and the operational improvement that the company has been undertaking at different plants.