TMK announces 2Q 2015 and 1H 2015 IFRS results
PAO TMK (“TMK” or “the Company”), one of the world’s leading producers of tubular products for the oil and gas industry, announces today its interim consolidated IFRS financial results for the six months ending June 30, 2015.
Summary 2Q and 1H 2015 Results
(In millions of U.S.$, unless stated otherwise)
| 2Q 2015 | 1Q 2015 | Change, % | 1H 2015 | 1H 2014 | Change, % | ||
| Sales volumes, thousand tonnes | 978 | 1,004 | (3%) | 1,981 | 2,101 | (6%) | |
| Revenue | 1,162 | 1,134 | 2% | 2,296 | 2,982 | (23%) | |
| Gross profit | 241 | 252 | (5%) | 493 | 566 | (13%) | |
| Foreign exchange gain/loss, net | 30 | (24) | n/a | 7 | (31) | n/a | |
| Profit before tax | 53 | 36 | 48% | 89 | 62 | 44% | |
| Net profit | 47 | 30 | 59% | 77 | 45 | 73% | |
| Earnings per GDR(1), basic, U.S.$ | 0.21 | 0.13 | 64% | 0.35 | 0.21 | 67% | |
| Adjusted EBITDA(2) | 172 | 185 | (7%) | 356 | 375 | (5%) | |
| Adjusted EBITDA margin, % | 15% | 16% | 16% | 13% |
