In its financial results according to international financial reporting standards (IFRS) for the third quarter of the current year, Russian pipemaker TMK saw its net profit decrease by 10 percent compared to the second quarter this year to $69 million. In July-September this year, the company's sales revenues decreased by nine percent quarter on quarter to $1.617 billion.
In the third quarter this year, TMK's adjusted EBITDA decreased by 16 percent compared to the previous quarter to $243 million, being negatively affected by lower sales and weaker product mix globally as well as lower margins in the American and European divisions. The adjusted EBITDA margin in the third quarter this year declined to 15 percent from 16 percent in the second quarter of the year.
The company's net debt increased by $117 million in the third quarter of 2012, amounting to $3.686 billion as of September 30, 2012 due to appreciation of the Russian ruble against the US dollar.