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 recorded a net profit of RUB 5.8 billion ($90.9 million), increasing by 38 percent compared to the same period of 2015.
The company's revenues decreased by 10 percent year on year in the first six months of the current year to RUB 68.62 billion ($1.07 billion).
In the first half of this year, the group's gross profit increased by two percent year on year to RUB 21.94 billion ($343.6 million) and its EBITDA rose by 17 percent year on year to RUB 16.9 billion ($265.7 million). In the given period, the EBITDA margin increased from the 19 percent recorded in the first half of 2015 to 24.7 percent, caused by an improvement in shipments structure, in particular the increase in the share of oil country tubular goods (OCTG) shipments, as well as increased operational efficiency by reducing fixed costs.