Support The Moscow Times!

TMK Profit Down 53% in Q2

Pipe maker TMK posted a 53 percent fall in second-quarter profit from the prior quarter, citing foreign exchange losses, and forecast steady profit for the full year.

TMK, controlled by businessman Dmitry Pumpyansky, runs divisions in Europe and the U.S., where weaker pipe prices took a toll on its balance sheet.

"Based on the activities observed through August, TMK reiterates its outlook for the full-year 2013 and, despite some usual slowdown in the third quarter, expects the financial performance for 2013 to approximately maintain at the level of full-year 2012 results," the firm said Tuesday.

TMK posted second-quarter net profit of $40 million, underperforming the average estimate of $77 million in a poll of analysts. The figure compared with profits of $85 million in the first quarter and $76 million in the second quarter of 2012.

TMK cited a $40 million foreign exchange loss in the quarter.

Revenue fell 4 percent compared with the previous quarter to $1.6 billion, lower than expected, while adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) were down 8 percent at $250 million.

Sign up for our free weekly newsletter

Our weekly newsletter contains a hand-picked selection of news, features, analysis and more from The Moscow Times. You will receive it in your mailbox every Friday. Never miss the latest news from Russia. Preview
Subscribers agree to the Privacy Policy

A Message from The Moscow Times:

Dear readers,

We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."

These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.

We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.

Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.

By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.

Once
Monthly
Annual
Continue
paiment methods
Not ready to support today?
Remind me later.

Read more