Tubacex sees improved net profit in H1

Basque region, Spain-based seamless stainless steel pipe producer Tubacex has announced its financial results for the first half this year. The company registered a net profit of €13.7 million in the given period, increasing by 28 percent year on year, while its sales revenues amounted to €276.6 million, down 7.2 percent compared to the corresponding period of the previous year, as a result of the lower alloy surcharge applied to tubes due to the price of raw materials, particularly nickel.
 
Tubacex stated that, if the nickel price had remained steady, during the first half of 2014 the figures would have increased with respect to those registered in 2013.
 
Tubacex CEO Jesús Esmorís said that the results for the first half of the year "have maintained the upward trend that has been observed since last year" and added that the "margins achieved in the second quarter are extremely positive".