France-based pipe manufacturer Vallourec has announced its financial results for the first half of the current year.
In the given period, Vallourec reported a net loss of €254 million, compared to a net loss of €415 million in the corresponding period of the previous year. Vallourec's sales revenues in the first half amounted to €1.72 billion, rising 19.7 percent year on year, while it registered an operating loss of €189 million, compared to an operating loss of €418 million in the same period of the previous year.
In the first half of the current year, the company’s sales volume amounted to 1.01 million mt, increasing by 77.1 percent compared to the corresponding period of the previous year.
Vallourec stated that over the second half of the year revenue and results in North America are expected to improve compared with the first half, thanks to higher deliveries allowed by the return of domestic facilities to full capacity utilization, and to the price increases taking place as of the third quarter. On the other hand, results in Brazil will be impacted notably by lower deliveries for off-shore after the high level achieved in the first half, and by the decrease in iron ore prices.