In its financial results according to international financial reporting standards (IFRS) for the third quarter of the current year, Russian pipemaker TMK saw its net profit decrease by 13 percent quarter on quarter to $35 million.
In the July-September quarter this year, the company's sales revenues decreased by 10 percent quarter on quarter to $1.487 billion, mainly due to lower sales of seamless pipe primarily in the Russian division and the negative currency effects. In the third quarter this year, TMK's adjusted EBITDA decreased by 27 percent compared to the previous quarter to $182 million due to the reduced seamless pipe volumes in the Russian division as a result of seasonally lower demand and general overhauls. The adjusted EBITDA margin in the third quarter this year declined to 12 percent from 15 percent in the second quarter of the year.
As of September 30, 2013, the company's total debt remained almost unchanged compared to the debt level as of June 30, 2013, amounting to $3.775 million.
