Spain-based TUBACEX, the world's second largest seamless stainless steel tube manufacturer, has issued its financial results for the third quarter and the first nine months of 2010, posting positive results for a second consecutive quarter.
According to the financial results, the net profit of the company was €660,000 in the third quarter of 2010, compared with a net profit of €430,000 in the second quarter. Sales revenues of €91.48 million in the third quarter of 2010 saw a decrease of 9.1 percent from €100.59 million in the previous quarter. Earnings before interest, taxes, depreciation and amortization (EBITDA) of €5.71 million for the third quarter of 2010 was versus €4.96 million in the previous quarter, increasing 15.1 percent.
On the other hand, the net loss of the company was €8.22 million in the first nine months of 2010, compared with a net loss of €15.74 million in the first nine months of 2009. Sales revenues and EBITDA of €264.58 million and €6.25 million were recorded in the first nine months of 2010, versus €303.43 million and €350,000 in the same period of the previous year.
The group said that the situation in the seamless stainless steel tube market is still complex and is affected by multiple factors, such as the dumping practices of Chinese tube manufacturers in their European exports.