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TMK Looks for Strong Second Half of 2017
08/21/2017 - Russian tubemaker PAO TMK posted a US$19 million loss in the second quarter, but remained profitable through the first half of 2017, the company said.
For the quarter ending 30 June, the company said net profits plunged from US$42 million in the first quarter. However, it still recorded US$23 million in net profits through the first six months of the year.
During the half, the company sold 1.82 million metric tons of tube, generating US$2.05 billion in revenue. During the same period in 2016, the company sold 1.75 million tons of tube, posting US$1.6 billion in revenue.
“Continued improvement in the U.S. oil and gas market has enabled TMK to benefit from stronger demand and pricing. Drilling activity and E&P spending in the U.S. continue to grow, and, alongside our stable performance in Russia, this will support stronger group EBITDA in the second half,” TMK chief executive Alexander Shiryaev said.
