TMK pipe mills boost revenue in 9M
MOSCOW. Nov 13 (Interfax) - The Russia-based pipe mills controlled by Russia's TMK , one of the world's top-three oil and gas industry pipe producers, boosted sales revenue to Russian Accounting Standards (RAS) in January-September on the back of higher sales volumes and prices, and changes to the product mix, the companies said in financial statements.
Seversky Tube Works (STZ) boosted revenue 30.6% year-on-year in the 9M to 16.358 billion rubles.
STZ financial highlights ('000 rubles):
| 9M 2010 | 9M 2009 | |
| Sales revenue | 16 358 404 | 12 521 327 |
| Cost of sales | 14 026 628 | 11 467 435 |
| Gross profit | 2 331 776 | 1 053 892 |
| Operating profit | 1 216 520 | 133 841 |
| Pretax profit (loss) | 82 541 | (1 220 407) |
| Net profit (loss) | 26 542 | (1 003 668) |
Receivables grew to 2.272 billion rubles from 1.856 billion rubles, and payables from 3.87 billion rubles to 4.66 billion rubles during the 9M.
The Sinara Pipe Works (SinTZ) which, like Seversky, is from the Sverdlovsk region, boosted revenue 14.4% to 15.76 billion rubles.
SinTZ financial highlights ('000 rubles):
| 9M 2010 | 9M 2009 | |
| Sales revenue | 15 754 776 | 13 773 036 |
| Cost of sales | 14 003 406 | 11 777 851 |
| Gross profit | 1 751 370 | 1 995 185 |
| Operating profit | 358 212 | 758 788 |
| Pretax profit (loss) | (780 465) | 101 349 |
| Net profit (loss) | (697 750) | (27 540) |
Receivables decreased slightly, from 10.45 billion rubles to 10.226 billion rubles, while payables grew from 2.382 billion rubles to 3.023 billion rubles.
TMK also controls the Tagmet and Volzhsky Pipe Mills in Russia.
TMK has said it boosted pipe shipments 49% year-on-year in January-September to 2.86 million tonnes.
TMK operates 23 production sites in the United States, Russia, Romania and Kazakhstan. TMK has the world's largest steel pipe production capacity, of which about half is dedicated to the production of high margin oil country tubular goods (OCTG). In 2009, TMK supplied customers in more than 65 countries.