Russian TMK's profit increases thanks to US sales
- The company expects good results for the second quarter also, CEO of TMK says

The net profit of TMK, Russia's biggest steel pipe producer for the oil and gas market, totaled $42 million in the first quarter of 2017, compared to $14 million in the same period of 2016, the company said on Thursday.

TMK's revenue increased by 24 percent to $944 million in the first quarter of this year from $761 million in the same quarter of last year.

"We are pleased to report a strong performance in the first quarter of 2017. 1Q marked a turnaround for our U.S. division, which returned to sustainable profit as TMK continues to benefit from the improving market conditions in the U.S. where we are one of the leading suppliers of premium tubular products for oil and gas producers," according to Alexander Shiryaev, CEO of TMK.

Shiryaev said that TMK is confident that the increasingly favorable environment in the U.S. will support an even stronger group performance in the second quarter.

TMK also noted that its adjusted core earnings rose by 15 percent year-on-year in the first quarter to $142 million.

By Murat Temizer

Anadolu Agency



18 May,2017