TMK closes H1 with loss, EBITDA falls 42%

MOSCOW. Aug 13 (Interfax) - TMK, a major Russian pipe producer, saw its EBITDA fall 42% year-on-year to 46 billion rubles in the first half of 2024, the company said.

TMK posted a net loss of 1.8 billion rubles for the first half, compared to a net profit of 28.3 billion rubles a year earlier.

Sales of pipe products, however, rose 4.9% to 2.215 million tonnes.

The company said production costs came under upward pressure amid rising prices for its key raw material, scrap metal, while tighter monetary policy and significantly higher interest rates dramatically increased its interest expenses in the reporting period.