TMK announces Q1 IFRS results

In its financial results according to international financial reporting standards (IFRS) for the three months of the current year, the net profit of Russian pipemaker TMK totaled $105 million, unchanged compared to both the fourth quarter of 2011 and the same quarter last year. In January-March this year, the company's sales revenues declined by one percent year on year to $1.659 billion, but was up four percent compared to Q4 2011 driven mainly by higher seamless pipe sales volumes, as well as by improved product mix and pricing.
 
In the first quarter this year, TMK's adjusted EBITDA increased by 24 percent compared to the previous quarter to $277 million. The adjusted EBITDA margin in the first quarter this year rose to 17 percent from 14 percent in the fourth quarter of 2011.