Russian steelpipeproducerTMKhas issued its financial results in line with international financial reporting standards (IFRS) for the first half this year, announcing a net profit of $70.69 million, falling by 8.3 percent compared to the same period of the previous year.
In the first six months of this year, the company's sales revenues decreased by 29.7 percent year on year to $1.6 billion, mostly due to a negative effect of currency translation and weaker sales at the American division, as a result of falling US drilling activity and low exploration and production spending.
TMK's adjusted EBITDA decreased by 25.8 percent to $264 million, while the adjusted EBITDA margin remained stable at 16 percent, both year on year.
TMKanticipates an improved EBITDA performance in the second half of this year driven by a gradual improvement at the American division and stable results at the Russian division. For the full year of 2016, the company expects its EBITDA margin to remain flat compared to 2015.