France-based pipe manufacturer Vallourec has announced its financial results for the first quarter this year.
In the first quarter, the company’s sales revenues increased slightly year on year to €991 million amid better shipments to the Middle East and North America, while its EBITDA dropped to €207 million, compared to €235 million in the first quarter last year. Vallourec recorded a net profit of €105 million in the given period, down by 18.1 percent year on year.
In the January-March period, Vallourec’s pipe sales volume increased by 7.5 percent to 314,000 mt, while its iron ore sales volumes totaled 1.6 million mt, up by 14.2 percent, both on year-on-year basis.
The company expects its EBITDA in the second half of the year to increase compared to the previous half amid higher prices and cost savings, while its EBITDA forecasts for the second quarter of the year stand at €170-200 million.
