The net profit of Russian oil and gas pipe producer TMK dropped by 80.7% QoQ to $11 million in July-September, as calculated under International Financial Reporting Standards (IFRS), the company said.
Revenue fell by 3.6% to $822 million, and gross profit decreased by 13.6% to $165 million. Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) went down by 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 by 24% to $2.436 billion, and gross profit decreased by 24% to $509 million. Adjusted EBITDA fell by 20.9% to $390 million. (Prime/Ukrainian metal)