Russian steel pipe producer TMK announced its financial results for the third quarter and the first nine months of 2018.
While the company’s sales revenues decreased by 11 percent to $1.2 billion in the third quarter, compared to the previous quarter, its sales revenues in the first nine months of 2018 increased by 20 percent to $3.83 billion year-on-year.
TMK’s net profit in the first nine months of 2018 registered as $19.75 milion, in comparison to $45.58 million registered in the same period of 2017. In the third quarter of 2018, TMK recorded a net loss of $7.9 million, compared to $22.3 million net profit in the same period of 2017.
TMK’s adjusted EBITDA declined by 17 percent to $164 million in comparison to the second quarter. In the first nine-month period of 2018, however, adjusted EBITDA rose to $522 million, increasing 17 percent year-on-year.
In TMK’s financial results report, it is stated that lower results in the third quarter mainly stemmed from lower sales in the American division due to the inventory build up in the US in the second quarter in 2018.