TMK swings to 2010 net profit after loss

TMK, Russia’s largest producer of steel pipes for the energy sector, posted a 2010 IFRS net profit of $104 million, after a net loss of $324 million in 2009, the company said on Friday.
Revenue for the year grew 60% to $5.578 billion last year, while EBITDA soared nearly 190% to $942 million.
Net debt edged up 6% to $3.711 billion due to implementation of investment projects and an increase in working capital as demand recovered, the company said.
Gross margin skyrocketed 130% to $1.293 billion. Pre-tax profit stood at $185 million last year against a loss of $427 million in 2009.
TMK says revenue and EBITDA in the first quarter of 2011 have exceeded average quarterly results in 2010.
The company also expects good demand for its products this year owing to high oil prices and economic …

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