France-based pipe manufacturer Vallourec has announced its financial results for the first half of the current year.
In the given period, Vallourec reported a net loss of €415 million, compared to a net profit of €275 million in the corresponding period of the previous year. Vallourec's sales revenues in the first half amounted to €1.43 billion, falling 30.7 percent year on year, while it registered an operating loss of €418 million, compared to an operating loss of €228 million in the same period of 2015.
In the first half of the current year, the company’s sales volume amounted to 572,000 mt, declining by 26.1 percent compared to the corresponding period of the previous year.
Vallourec stated that the second half of this year will continue to be impacted by the cyclical downturn in the oil and gas market.