France-based pipe manufacturer Vallourec has announced its financial results for the second quarter and the first half of 2019.
Vallourec’s sales revenue rose by 14 percent to €2.1 billion in the first half, while its sales revenue in the second quarter of the year improved by 10 percent to €1.08 billion, both year on year. The company’s net loss in the first six months amounted to €167 million, compared to €307 million in the same period of the previous year, while the net loss in the second quarter of this year was €77 million, compared to a net loss of €137 million in the same quarter of 2018.
In the January-June period, the company’s sales volume rose by eight percent to 1.17 million mt, while in the second quarter the sales volume rose by six percent year on year to 605,000 mt.
For the full year, for the oil and gas sector Vallourec said that in North America the market slowdown is expected to moderately weigh on second half results, while in South America a pick-up in deliveries in Brazil is expected to materialize in the latter part of the year, and then accelerate into 2020, driven by a significant increase in exploration drilling in deep off-shore fields. In 2019, Vallourec expects a strong increase in EBITDA, supported by market trends.