Spain-based TUBACEX, the world's second largest seamless stainless steel tube manufacturer, has issued its financial results for the first quarter of 2010, stating that the demand for seamless stainless steel tubes manufactured by TUBACEX is still suffering the effects of the stagnation of activity and investment in most industrial fields.
According to the financial results, the net loss of the company was €9.31 million in the first quarter of 2010, compared with a net loss of €10.04 million in the last quarter of 2009 and a €3.22 million net profit in the first quarter of 2009.
Sales revenues of €72.52 million in the first quarter of 2010 saw an increase of 6.6 percent from €68.03 million in the last quarter of 2009 and a 52 percent decrease from €151 million in the first quarter of 2009.
Earnings before interest, taxes, depreciation and amortization (EBITDA) indicated a loss of €4.42 million for the first quarter of 2010 versus €18.73 million in loss for the last quarter of 2009 and €11.3 million in profit in the first quarter of 2009.
The group said that, despite the difficult market environment, the company, due to the implementation of measures to increase competitiveness, has improved its figures over the last quarter of 2009.