Russian steel pipe producer TMK has issued its financial results in line with international financial reporting standards (IFRS) for the first half of the current year, announcing a net profit of $27.65 million, rising by 18.7 percent compared to the same period of the previous year.
In the first six months of this year, the company's sales revenues increased by 28 percent year on year to $2.62 billion, driven by the improved results at all divisions.
TMK's adjusted EBITDA rose by 30 percent year on year to $357 million, while the adjusted EBITDA margin was 14 percent compared to 13 percent recorded in the first half of 2017.
TMK expects seamless OCTG consumption in Russia to remain strong in 2018 with weaker large diameter pipe (LDP) demand, due to the completion or rescheduling of a number of major pipeline construction projects. Meanwhile, its European division anticipates its financial results for the current year will be much stronger compared to 2017 due to stable pipe demand and a more favorable product mix, mostly resulting from the newly installed heat treatment facility at its Romania-based subsidiary TMK-ARTROM.