France-based pipe manufacturer Vallourec has announced its financial results for the first half this year, reporting a net profit of €144 million, increasing by 48.5 percent year on year. Vallourec's sales revenues in the same period amounted to €2.7 billion, rising by 10.1 percent, while its operating income amounted to €265 million, up 15.7 percent, both year on year.
Vallourec's sales volume in the first half increased by 10.1 percent to 1.13 million mt, compared to the corresponding period of the previous year. While prices and the product mix were stable, the 10.1 percent annual growth in sales volumes was partly offset by a negative currency translation effect due to the persisting weakness of the Brazilian real and the US dollar against the euro.
Assuming no significant changes in markets and currencies, Vallourec confirms its target of 2014 EBITDA down by approximately 10 percent compared to 2013.