MOSCOW, May 21 (RIA Novosti) - TMK [RTS: TRMK], Russia's largest steel pipe manufacturer, said Monday its net profit, calculated to International Financial Reporting Standards, (IFRS) increased 81.2%, year-on-year, in 2006 to $460.6 million.
TMK, which accounts for 42% of Russia's steel pipe output, said its sales in the reporting period grew 15.2% to $3.38 billion, gross profit climbed 38.5% to $1.03 billion, and earnings before interest, taxes, depreciation and amortization (EBITDA) increased 49.2% to $794 million.
TMK, which sold more than 3 million metric tons of pipes in 2006, supplies its products to major oil and gas companies, including energy giant Gazprom, oil pipeline operator Transneft, crude producers Rosneft, LUKoil, TNK-BP, Surgutneftegaz, and also to world oil majors Shell, Total, Occidental Petroleum and others.
