Basque region, Spain-based seamless stainless steel pipe producer Tubacex has announced its financial results for the first nine months of the current year. Its net profit totaled €11.85 million in the given period, increasing by 26.5 percent year on year.
The company's sales revenues increased by 4.4 percent year on year to €411.9 million in January-September, due to strong sale volumes of high value-added products, especially for oil and gas exploration and production.
In the first nine months of this year, Tubacex's EBITDA amounted to €38.6 million, falling slightly by 0.6 percent year on year. The company reduced its net debt by €61.1 million in January-September, declining from the €262.30 million at the end of 2012 to €201.17 million at the end of September.