TMK Announces Q1 IFRS Results for 2012
The Russian company, OAO TMK is one of the giants and largest manufactures of tubular products for gas and oil extractors and industries. It has recently announced its consolidated IFRS results for the period of three months ending on 31 March. However, these results are not audited according to the standards.
Lets us look at the highlights below;
1) There was a decrease in the pipe sales by almost 1% as compared to the results of 1st quarter 2011 which is amounted nearly 1,005000 tones. If the comparison is done on the basis of first quarter of 2011, the decline may be near 5%. The reason is the demand of LDP (large diameter pipes) had fallen due to completion of some big pipeline projects in the country.
2) Due to increase in the demand for seamless pipes by the gas and oil industries, the sales surge up to 609000 tones which were almost 5% more than the previous year.
3) Unfortunately, welded pipes faced a huge downfall in demand and the sales fell by 10%. This was really surprising and if compared to previous years, the decline was about 396000 tones.
4) However, welded line pipes grew in demand by almost 5 %.
1) There was a total increase of 4% in the revenue, and it was mainly because of seamless pipe sales. However, revenue was a little bit decreased because of the fallen demand of the large diameter pipes. But, the company got privileged because of the its core product seamless pipe and earned rave of 64%.
2) There was an increase in gross profit of 411 million. This happened because selling prices were little bit higher and the products were improved as well.
3) There was an increase of 24% in EBITDA. The margin grew up to 17% in the first quarter which was more than 14% of the preceding year.