Basque region, Spain-based seamless stainless steel pipe producer Tubacex has announced its financial results for the first quarter this year. The company registered profit before tax of €9.36 million in the given period, increasing by 22.8 percent year on year, while its sales revenues amounted to €159.76 million, up 13.9 percent year on year in spite of the fall in volume as a result of the reduction in capital expenditure in the oil extraction and production sector. The company's EBITDA increased by 5.7 percent year on year to €17.48 million.
"The market environment will remain in a similar situation throughout the year, with high uncertainty and short visibility in the projects market, particularly in the oil and gas segment, and increasing competition in the rest of the markets. However, we are also confident that it is a temporary market situation and that the progress we have made in the first phase of the strategic plan will enable us to demonstrate the soundness of our project" said Tubacex CEO Jesús Esmorís.