Chelyabinsk Pipe announces after tax profit for H1
Russian
pipe maker Chelyabinsk
Pipe has announced its after tax profit according to Russian accounting standards.
The company posted its after tax profit as $7 million with a 34% increase in the first half of 2003 compared to same period last year. Sales revenue raised to $193 million, by 78% in the same period due to a 5% growth in
pipe production to 392'000 tons and a 23% increase in average prices.
It is also reported that, the increase in large diameter
pipe segment's
production is believed to be mainly in relation with increased orders from domestic oil and gas industries. Company's
production amounted to 209'000 tons in the first six months of 2003.