Basque region, Spain-based seamless stainless steel pipe producer Tubacex has announced its financial results for the first half of the current year.
In the given period, the company’s sales amounted to €241.4 million, decreasing by 7.7 percent year on year, while its net profit rose by 11.7 percent to €1.7 million compared to the same period of the previous year. In the first half this year, Tubacex’s EBITDA stood at €17.6 million with a margin of 7.3 percent.
Tubacex stated that the market in which its products and services operate is at historically low levels of activity and with delays in the award of certain projects, which further hinders recovery. With respect to the forecast, Tubacex believes that the worst part of the crisis has passed and expects a gradual improvement in order intake during the second half of the year and a gradual evolution of the results thanks to its current product portfolio, which will be reflected in 2018 and 2019.