In the January-March period of the current year, the net profit of Sinarsky Pipe Works, a subsidiary of Russia's largest pipe producer TMK, increased to Ruble 64.3 million ($2.3 million) against a net loss of Ruble 315 million ($11.2 million) in Q1 2010. The positive financial results were achieved due to increased sales volumes and prices, as well as currency fluctuations.
Also in Q1, the sales revenues of Sinarsky Pipe Works increased by 29 percent compared to Q1 2010, reaching Ruble 6.35 billion ($0.23 billion). The increased sales revenues were mainly caused by the rise in prices and the moderate increase in sales volume.