TMK 1H 2011 net profit rebounds to $258 million on pricing and stronger demand

TMK 1H 2011 net profit rebounds to $258 million on pricing and stronger demand
Russian pipemaker TMK has posted a 1H 2011 net income of $258 million under IFRS.

The bottom line is up 285% year on year from the $67 million net profit posted for 1H 2010, with 1H Adjusted EBITDA rising 51% year on year to $625 million, as 1H Revenues climbed 38% year on year to $3.547 billion.

TMK said the results reflect a 16% increase in total pipe sales with demand for large diameter and oil country tubular goods pipe firming in Russia, and welded pipe in the United States also lifting.

The company added that this, plus a positive change in the pricing environment and improved sales mix, was expected to flow through into the FY result with demand expected to remain robust.