Major Russian gas and oil pipe producer, TMK, has posted a 1H 2010 net profit of $67.3 million under IFRS.
The bottom line marks a sharp turnaround from the net loss of $ 203.8 million posted in 1H 2009, with adjusted EBITDA jumping 184.5% to $414.7 million from $145.8 million a year earlier, as revenues increased 73.6% year on year to $2.6 billion from $1.5 billion.
According to the statement, higher revenues were mostly due to “strong seamless and welded sales volumes growth in key markets.”
And the Company was upbeat talking about its expectations for the future developments and said the growing oil market would contribute to its further sound performance.
“Given the current positive momentum in oil and gas infrastructure investments, the Company expects pipe demand to continue to increase in the second half of the year. Both the Russian and US markets are expected to continue benefiting from encouraging oil prices, whether in Western Siberian or Texan fields, the drilling activity is expected to remain robust and support OCTG consumption in the Company’s core markets.”