Russia’s TMK IFRS net profit falls 81% to $11 mln Jul–Sep

MOSCOW, Nov 16 (PRIME) -- The net profit of Russian oil and gas pipe producer TMK dropped 80.7% on the quarter to U.S. $11 million in July–September, as calculated under International Financial Reporting Standards (IFRS), the company said in a report Wednesday.

Revenue fell 3.6% to $822 million, and gross profit decreased 13.6% to $165 million. Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) went down 11.9% to $126 million.

In January–September, the company’s net profit soared to $81 million from $3 million in the same period of 2015, while revenue fell 24% to $2.436 billion, and gross profit decreased 24% to $509 million. Adjusted EBITDA fell 20.9% to $390 million.

For further details, please, see the company’s statement on its official Web site:

https://www.tmk-group.com/PressReleases/show/1025

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