In its financial results according to international financial reporting standards (IFRS) for the third quarter of the current year, Russian pipe producer TMK registered a net loss of $74 million compared to a net profit of $47 million registered in the second quarter of this year.
In the July-September quarter this year, the company's sales revenues decreased by 21 percent quarter on quarter to $917 million, mainly due to a negative effect of currency translation, an unfavorable product mix resulting from lower large diameter (LD) pipe volumes, and seasonally weaker seamless pipe sales in the Russian division coupled with preplanned capital repairs of the main pipe rolling equipment.
In the third quarter this year, TMK's adjusted EBITDA decreased by 27 percent compared to the previous quarter to $125 million, mainly as a result of a negative effect of currency translation and lower LD pipe sales in the Russian division.
The adjusted EBITDA margin in the third quarter this year decreased to 14 percent compared to the 15 percent in the second quarter of this year.
As of September 30 this year, the company's total debt had decreased by $219 million compared to June 30 to $2.829 billion, as a result of the ruble's depreciation against the US dollar.