Date: 2 months ago   Category: Industry

The quarter revenue of Pipe Metallurgic Company decreased by 1% — to $1.26 billion — Rambler News Service


The revenue of Pipe Metallurgical Co. following the results of the I quarter 2019 was $1.257 billion, having reduced in annual terms by 1%, follows from the reporting of the company under IFRS. Gross profit at the same time grew by 5%, to $235 million. The corrected indicator of EBITDA was $175 million that is 2% lower than results for the I quarter 2018. Revenue of the Russian division for the reporting period grew by 8%, to $885 million, revenues of the American division decreased by 17%, to $302 million, and European — for 7%, to $70 million. "In the I quarter 2019 of Pipe Metallurgic Company showed good results in comparison with the same period of last year. In particular, we showed increase in volume of realization and further improvement of structure of sales in the Russian division where increase in demand for hi-tech products of Pipe Metallurgic Company in connection with the continuing increase in complexity of projects on extraction of hydrocarbons is observed" — the CEO of Pipe Metallurgic Company Alexander Shiryaev said. Pipe Metallurgic Company is one of the leading world suppliers of pipe products for the oil and gas sector. The company unites 27 enterprises located in Russia, the USA, Canada, Romania, Oman and Kazakhstan and two research centers in Russia and the USA.

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