Spain-based TUBACEX, the world's second largest seamless stainless steel tube manufacturer, has issued its financial results for 2009, stating that the challenging market conditions in industrial sectors requesting TUBACEX products, such as the oil and gas, petrochemical, chemical and energy industries, have profoundly affected tube demand and prices.
According to the financial results, the net loss of the company was €25.8 million in 2009, compared with a net profit of €37.6 million in 2008, increasing 76 percent. Sales revenues in 2009 saw a decrease of 44.7 percent, dropping from €671.8 million in the previous year to €371.5 million. Earnings before interest, taxes, depreciation and amortization (EBITDA) indicated a loss of €18.4 million for 2009 versus €37.6 million in earnings for 2008.
The group said that the crisis measures it took allowed it to generate €61.7 million in cash in 2009, thus reducing net debt to €153.6 million, 29 percent less than the 2008 year-end figure.