Basque region, Spain-based seamless stainless steel pipe producer Tubacex has announced its financial results for the first quarter of the current year.
In the first quarter, the company registered a total turnover of €121.4 million, decreasing by 24 percent year on year, as a result of the fall in volume and the negative impact of raw materials, while it registered a net loss of €500,000 compared to a net profit of €6.6 million in the same quarter of 2015. Tubacex's EBITDA stood at €7.7 million, declining by 55.6 percent year on year, with a margin of 6.4 percent.
Tubacex stated that it continues to implement measures to improve competitiveness, operational improvements at its production plants, diversification towards premium products, markets and sectors with growth potential and the reduction of financial costs. In addition, it is also developing a cost savings program to adjust its structure to the new market situation.