Tenaris reports results for Q2 and H1 of 2003

Tenaris reports results for Q2 and H1 of 2003

Tenaris SA, leading global manufacturer and supplier of seamless steel pipe products, reported its results for the fiscal quarter and six months ended June 30, 2003. Tenaris posted its net income as $89.7 million in the second quarter of 2003 with an increase of 70.5% when compared to $52.6 million recorded in the same period last year. Furthermore, company's net sales amounted to $868.9 million, up 4.8% from $829.1 million. Net income during the first half of 2003 was $135.2 million higher than the net income of $17.2 million during the first half of 2002. Net sales in the six months ended June 30, 2003 increased by 1% to $1.66 million compared to $1.64 million in the corresponding period of 2002. Company officials commented these results as good with currency, interest and tax payment gains. In addition, better performances from affiliated companies, particulary integrated steel producer Sidor in Venezuela, were seen.