In its financial results according to international financial reporting standards (IFRS) for the second quarter of the current year, Russian pipemaker TMK saw its net profit decrease by 53 percent compared to the first quarter this year to $40 million.
In the April-June quarter this year, the company's sales revenues decreased by four percent quarter on quarter to $1.649 billion due to an unfavorable sales mix mostly in its Russian division, weaker pricing in all other markets except the Russian one, and the negative effect of currency translation. In the second quarter this year, TMK's adjusted EBITDA decreased by eight percent compared to the previous quarter to $250 million due to an unfavorable sales mix. The adjusted EBITDA margin in the second quarter this year declined to 15 percent from 16 percent in the first quarter of the year.
The company's net debt decreased by $95 million in the second quarter of the current year, amounting to $3.632 billion as of June 30.
