Tubos Reunidos reported €3.4 million profit for Q1

Tubos Reunidos reported €3.4 million profit for Q1

Spanish seamless tube maker Tubos Renunidos announced its net profit as €3.4 million (approx.$3.95 million) for the first quarter of 2003 with a 38% decrease when compared to the same period last year. According to company authorities, the loss in the financial results was due to weak economic activity worlwide which was worsened by the Iraq war, lower prices, weak demand and a weaker Dollar against the Euro. The high demand for Tubos Reunidos industrial segment's products helped to get positive trends in the quarter. According to company statement, the revenues increased by 4% to €93.6 million due to €8.1 million of income from the sale of its former Galindo mill.