In its financial results according to international financial reporting standards (IFRS) for the first nine months of the current year, Russian pipe producer TMK registered a net profit of $81.43 million compared to a net profit of $3.18 million registered in the same period of 2015.
In the January-September period this year, the company's sales revenues decreased by 24 percent year on year to $2.43 billion, mostly due to a negative effect of currency translation and weaker sales at the American division, as a result of falling drilling activity.
In the given period, TMK's adjusted EBITDA decreased by 21 percent year on year to $390 million, while the adjusted EBITDA margin in the January-September period this year was 16 percent compared to the 15 percent recorded in the corresponding period of the previous year.
Overall, TMK anticipates stronger financial results for the fourth quarter of this year and the EBITDA margin for the full year of 2016 to remain nearly flat compared to 2015.