TMK-Artrom Swings To RON41M Profit In First Quarter

05.13.2011 By Andrei Circhelan

Romanian steel pipes producer TMK-Artrom Slatina (ART.RO), part of Russian metallurgical group TMK, switched to a net profit of 41 million lei (EUR9.7 million) in the first quarter, from a loss of RON8.2 million in the same interval of 2010, the company said Friday.

Revenue rose 62.6% to RON235.5 million, while expenditure cumulated RON194.5 million, up 27% on the year.

Sales widened by 43.9%, to RON185.69 million in January to March, from RON128.98 million in the same interval of 2010, TMK-Artrom said in its financial report.

TMK Europe, the German subsidiary of Russian TMK, holds 92.66% in the Romanian company. The TMK group also operates the TMK-Resita smelter in Romania.

TMK-Artrom shares closed up 4.59% Friday, to RON1.935. (EUR1=RON4.106)