Tubacex’s Q1 profits decline by 64.2% y-o-y
Tubacex, the second largest stainless steel seamless tubes in the world posted a net profit of €1 million in the first quarter of this year, declining by 64.2% in comparison of that in the same period of a year earlier and decreasing by 3.7% from a quarter earlier.
In the first quarter of this year, the company realized sales revenues of €135.17 million, rising by 13.1% year on year while decreasing by 10.8% quarter on quarter.
The company expects this year as a substantially better year than 2011, with net profit of € 3.66 million, mainly contributed by strong demand for the high value added stainless steel seamless tubes and its strategic alliance with Vallource & Mannesmann on tubes for petroleum and gas industry.
News Date 11 May 2012 09:56:59 reported by Raul Lee