Luxembourg-based energy pipe and tube manufacturer Tenaris has announced its financial results for the second quarter and the first half of 2012.
In the second quarter, Tenaris registered a net profit of $460.2 million, up 51 percent compared to the corresponding quarter of 2011. The company's net profit increased by 45 percent year on year to $913.6 million in the first six months of the current year.
The net sales of Tenaris reached $2.8 billion in the second quarter, up 17 percent, while they increased by 15 percent to $5.41 billion in the first half of the year, both year on year.
In the second quarter, net sales of tubular products increased by 21 percent year on year, with North and South American sales rising by 36 percent and five percent respectively in the given quarter. Sales in the Middle East registered a 28 percent increase on a quarterly basis, due to an improvement in the product mix and a strong level of shipments to Iraq.
In the June quarter, seamless tube sales volumes were up 11 percent, welded tube sales increased by 20 percent and sales of welded products for projects fell 19 percent, all compared to the same quarter of 2011. In January-June, seamless tube sales volumes increased by nine percent, welded tube sales were up 13 percent and sales of welded products for projects dropped 31 percent, all year on year.