As per its financial results according to international financial reporting standards (IFRS) for the first half of the current year, Russia-based steel pipe producer ChTPZ Group saw its net income increase to RUB 4.2 billion ($60.32 million) compared to a net profit of RUB 189 million in the first half of 2014.
The company's revenues increased by 40.8 percent year on year in the six months of the current year to RUB 75.95 billion ($1.08 billion). According to the company, these results were achieved due to the growth in sales volumes and the implementation of measures to reduce costs.
In the first half of this year, the group's gross profit increased by 39 percent year on year to RUB 21.61 billion ($309.9 million) and its EBITDA rose by 39 percent year on year to RUB 14.45 billion ($207.2 million). In the given period, the EBITDA margin decreased from the 19.3 percent in the first half of 2014 to 19 percent.