OREANDA-NEWS. OAO TMK, one of the world’s leading steel pipe producers, announces its IFRS fiscal results for the six months ended June 30, 2006. Ernst & Young LLC, the independent auditors of the Company, conducted a review of the financial statements.

Consolidated net sales in H1 2006 amounted to USD 1,576.34 million and increased by 9.6% as compared to H1 2005.

Costs of the goods sold in H1 2006 amounted to USD 1,076.82 million, 0.9% lower than in H1 2005. 

Gross profit for the 6 months of 2006 amounted to USD 499.52 million and increased by 42.0% as compared to H1 2005.

The profit before tax for January-June 2006 increased by 92% up to $304.70 million from $158.65 million for January-June 2005.

Net profit of OAO ТМК in H1 2006 amounted to USD 229.05 mln, an increase by 93.5% as compared to H1 2005 net profit, which was USD 118.40 mln.

Corrected EBITDA for January-June 2006 increased by 50.1% up to $393.27 million from $262.04 million for January-June 2005.

EBITDA margin in H1 2006 amounted to 24.9% as compared to 18.2% in H1 2005.

Total sales volume in H1 2006 amounted to 1,462.2 thousand tonnes, including 482.8 thousand tonnes of seamless threaded pipes for the oil and gas sector (OCTG). Total shipments in H1 2006 increased by 49.4 thousand tonnes as compared to the first half of 2005.

The total volume of steel produced in H1 2006 increased by 28.7 thousand tonnes, amounting to 1,108.8 thousand tonnes (as compared to 1,080.1 thousand tonnes in H1 2005).