In its financial results according to international financial reporting standards (IFRS) for the nine months of the current year, Russian pipemaker
TMK increased its net income by 2.73 times compared to the same period of last year, to $279 million, as a result of higher gross profit and lower net finance costs. In January-September this year, the company's sales revenues went up by 31 percent year on year reaching $5.15 billion, driven mainly by a further improvement in pricing and product mix.
Atjusted EBITDA increased from $649 million in the first nine months of last year to $827 million in the first nine months of this year. Adjusted EBITDA margin had been 17 percent for the first nine months of 2010, declining to 16 percent for the first nine months of 2011.