Basque region, Spain-based seamless stainless steel pipe producer Tubacex has announced its financial results for the first half of this year.
In the given period, the company registered a total turnover of €302 million, increasing by 9.4 percent year on year, while its net profit increased by 1.8 percent to €14 million compared to the same period of the previous year despite the unfavorable market environment. Tubacex’s EBITDA stood at €33.7 million with a margin of 11.1 percent.
"Low oil prices continue to produce a drop in the investments of the oil and gas exploration and production sector, one of the company’s main activity segments, which has resulted in an increasing competitive pressure for the rest of the sectors. We foresee a complicated second half of the year and we trust in the reactivation of certain important projects in 2016,” said Jesús Esmorís, CEO of Tubacex Group.