Strong pipe demand boosts ChelPipe 1H 2011 net profit to 4.155 billion roubles

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Russian pipe maker ChelPipe, has posted a 1H 2011 net profit of 4.155 billion roubles under IFRS.

­The net result compares with a 1H 2010 net income of 3.011 billion roubles, as 1H EBITDA climbed from 9.113 billion roubles to 12.495 billion roubles, on the back of revenues rising from 37.646 billion roubles in 1H 2010 to 63.109 billion roubles this year.

ChelPipe says the results reflect strong demand from core customers for its steel pipes and pipeline system products, with steel pipe sales volumes up 41% year on year to 1.012 million tones, as the number of oil wells serviced by the company increased 33% year on year.