The earnings before interest, taxation, depreciation and amortization (EBITDA) of Russia's biggest steel pipe producer for the oil and gas market, TMK, rose to $160 million from $142 million a year ago, the company announced Friday.
In the first quarter of 2018, the company's revenues also increased by 35 percent compared to the first quarter of 2017 to $1.27 billion.
TMK's total sales also increased 16 percent to 986 thousand tonnes compared with the same quarter of 2017.
'TMK delivered a solid performance in the first quarter despite the rise in raw material prices which weighed on the margins of producers globally. Sustained growth in drilling, particularly in horizontal, supported our performance in Russia, our largest market,' said Alexander Shiryaev, CEO of TMK.
By Murat Temizer
Anadolu Agency
energy@aa.com.tr