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 | Russia's TMK sees better results in Q4  | |
MENAFN -
- 27/11/2012
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(MENAFN) Russian steel pipes manufacturer for the oil and gas industry TMK set a brighter outlook for its fourth quarter results on strong domestic demand, Reuters reported.
The company reported USD69 million net profit during the third quarter, down from USD76 million in the second quarter, on lower sales volumes of seamless pipes caused by major repairs at several Russian plants, a reduction in US welded pipe sales, lower prices and unfavourable foreign exchange rate.
Third quarter revenue also dropped by 9 percent from the previous quarter to USD1.62 billion.
For the Russian division, revenue fell by 9 percent from the previous quarter to USD1.13 billion, while American division revenue declined by 8 percent to USD410 million. Europe sales fell 22 percent to USD75 million.
TMK expected the US market environment in the fourth quarter to remain difficult on a lower rig count, a high level of imports and customers' focus on inventory management.
TMK said it still expects full-year 2012 earnings before interest, taxation, depreciation and amortisation (EBITDA) to be slightly higher than last year.
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