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 $23.28 million, falling by 67 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 27 percent year on year to $2.05 billion, supported by a positive effect of currency translation and strong sales at the American division, following growing US drilling activity.
TMK's adjusted EBITDA rose by 2.2 percent year on year to $275 million, while the adjusted EBITDA margin was 13 percent compared to 17 percent recorded in the first half of 2016.
TMK anticipates higher EBITDA in the second half of this year driven by a significantly improved performance of the American division and stable results at the Russian division. The company reiterates its guidance for this year of broadly flat margins year-on-year and overall stronger financial results compared to 2016.