OREANDA-NEWS. Leading steel pipe and railway wheels company Interpipe has announced the key figures of the unaudited interim condensed IFRS consolidated financial statements for the 6 months ending June 30, 2007. According to the company's press department, Interpipe, the majority shareholder in Nyzhniodniprovsky Pipe Plant and Novomoskovsky Pipe Plant, has reported a 40% y-o-y increase in net income to $134 mln in its 1H07 unaudited consolidated financial statements. Sales grew 29% y-o-y to $838.35 mln and EBITDA rose by 32% to $216.5 mln, implying net income margin of 16% and EBITDA margin of 25.8%. These strong financial results came on the back of increased sales of pipes (+13% y-o-y) and wheels (+4.5%), as well as the favorable economic environment for the pipe sector in 1H07.

Interpipe also published its first IFRS consolidated audited financial statements for 2006, posting $1,442 mln in net sales, EBITDA of $373.6 mln and net income of $217 mln, indicating net income margin of 15% and EBITDA margin of 25.9%. Interpipe announced last month that it will hold an IPO on the London Stock Exchange in spring 2008.

Interpipe’s Managing Director Alexander Kirichko commented: “Targeted sales growth in the Middle East, North Africa, Central Asia and Russia as well as favourable conditions in the pipe and wheel market during the first half of 2007 helped Interpipe overcome the rising price of raw steel and enabled us to increase company profitability by 40% against the same period of 2006.”