Tenaris announces Q2 financial results

Tenaris announces Q2 financial results

Luxembourg-based seamless pipe producer Tenaris has recently announced financial results of second quarter and six-month period ended on June 30, 2004. According to the report released by the company, net income has been recorded as $127.3 million, up by 42% against $89.7 million recorded in the second quarter of 2003. Operating income in the second quarter has been recorded as $153.7 million, up by 36.7% when compared with $112.5 million recorded in the second quarter of 2003. Net sales also increased by 14.7% to $996.8 million from $868.9 million recorded in the second quarter of 2003. Sales volume of seamless pipes increased by 12% to 683'000 tons from 612'000 tons recorded in the second quarter of 2003. The improved quarterly results are attributed to the increase in demand for the products of Tenaris. In the six-month period, net income is recorded as $175.7 million against $135.2 million recorded in the first six-month period of 2003. Again in the same period, operating income has been recorded as $256.3 million, compared to $211 million recorded in the first half of 2003. Moreover, sales volume of seamless pipes increased by 10% to 1.301 million tons from 1.182 million tons recorded in the first half of 2003.