Basque Country, Spain-based seamless stainless steel pipe producer Tubacex has announced its financial results for the first quarter of the current year. Net income totaled €1 million in the given quarter, down 64.2 percent year on year and decreasing by 3.7 percent quarter on quarter.
In the first quarter this year, sales revenues were up 13.1 percent year on year and up 10.8 percent quarter on quarter to €135.17 million. Meanwhile, the company's Q1 EBITDA was down 14 percent year on year and up 196.1 quarter on quarter.
According to the Tubacex press release, its order intake has mantained an upward trend in the first quarter, increasing by 16 percent compared to the last three months of 2011. This progression leaves the current order backlog at the highest level of the past three years.
Tubacex expects a substantial improvement over the 2011 results throughout the current year. The strength of demand for seamless stainless steel tubes, especially high added-value tubes, the company's plans to boost competitiveness of its plants, and the strategic alliance with Vallourec&Mannesmann are all expected to contribute to improved results.