TMK posts FY 2010 net profit of $1.4 million

TMK posts FY 2010 IFRS net profit of $1.4 million
Russian pipe maker TMK has posted a FY 2010 net profit of $1.4 million under IFRS.

The net result compares with the FY 2009 net loss of $324 million, with FY adjusted EBITDA rising 187% year on year to $942 million, as FY 2010 revenues rose 61% year on year to $5.578 billion.

The company says the results reflect a rebound in global oil and gas industry drilling, with total sales volumes up 43% year on year, and large diameter pipes more than double 2009 volumes driven by major pipeline projects in Russia.

TMK said it expects demand to remain for its products to remain strong over the course of 2011 against a backdrop of strong oil demand and an economic rebound.It highlighted an expected 10% increase in shipments by its TMK IPSCO division in North America with robust demand in the shale gas and oil, and oil sands sectors.