Vallourec announces first half results of 2003

Vallourec announces first half results of 2003

France's Vallourec, world leader in the production of seamless steel tubes, today announced its consolidated results for the first half of 2003. The company posted its consolidated sales as €1.2 billion, down by %6 compared to the same period last year. Furthermore, net income decreased by 54.5% to €18.2 million in the first half of 2003. EBITDA decreased to €111.6 million compared with €193 million in the first half of 2002. Operating income fell by 60.3% to €59 million in the aforementioned period. Company officials mentioned that the results impacted by uncertainties raised by the crisis in Iraq and continued weak European demand.