Boulogne-Billancourt, France-based tubular producer Vallourec has issued its financial results for the second quarter of 2010, reporting higher sales revenues and net profit.
In the second quarter of 2010, the company's net profit was €125.9 million, increasing 107 percent compared with a net profit of €60.8 million in the previous quarter. Sales revenues of €1.2 billion in the second quarter of 2010 saw a 28 rise from €877.4 million in the first quarter of 2010. Vallourec's earnings before interest, taxes, depreciation and amortization (EBITDA) of €264.4 million in the second quarter of 2010 were up 78 percent from €148.4 million in the previous quarter.
In the first half of 2010, the company's net profit was €186.7 million, dropping 40 percent compared with a net profit of €311.1 million in the same period of 2009. Sales revenues of €2 billion in the first half of 2010 saw a 17 percent decrease from €2.4 billion in the first half of 2009. Vallourec's earnings before interest, taxes, depreciation and amortization (EBITDA) of €412.8 million in the first half of 2010 were down 29 percent from €577.8 million in the corresponding quarter of 2009.
Commenting on these results, company chairman Philippe Crouzet stated, "We have reacted quickly to meet the strong rebound in activity in all our markets during the second quarter. Once again, our teams have demonstrated a high level of flexibility and mobilization to satisfy our customers' needs and adapt to constantly changing markets."