Tubacex reports decline in 2003 profit

Tubacex reports decline in 2003 profit

According to recent market reports, Spanish steel tube maker Tubacex announced a 63% decrease in its 2003 net profit due to weak demand for its products, Euro's appreciation against US Dollar and rising raw material prices. Company's net profit fell to €6 million in 2003 from €16.3 million recorded in 2002. Moreover, company's sales amounted to €259 million with a decrease of 10%. Company officials believe that the market will improve this year. However, Tubacex is planning to hike its prices in March to compensate the decline in its net profit.