In its financial results according to international financial reporting standards (IFRS) for the second quarter of the current year, the net income of Russian pipemaker TMK totaled $60 million compared to a net loss of $16 million in the first quarter this year.
In the April-June quarter this year, the company's sales revenues increased by three percent quarter on quarter to $1.516 billion, mainly as a result of higher welded pipe sales in the Russian division.
In the second quarter this year, TMK's adjusted EBITDA increased by three percent compared to the previous quarter to $190 million, mainly due to the favorable product mix in the American division. Adjusted EBITDA margin in the second quarter remained unchanged at 13 percent compared to the first quarter.
The company's net debt increased by $105 million in the second quarter of 2014 compared to March 31, 2014 and amounted to $3.631 billion as of June 30, 2014.
