EnglishPipe manufacturer TMK-Artrom reported a net profit of 30.63 million RON (9.8 million EUR) for the second quarter of 2007, up 4.8 times from the same period last year, sustained by a financial result of 22.2 million RON, according to a company press release. The company"s Q1 turnover amounted to 142.7 million RON (45.53 million EUR), recording an 88.54% increase from 75.68 million RON in the year-ago quarter.
In the first half of the current year, TMK-Artrom reported a net profit of 43,05 million RON (13.74 million EUR), increasing 2.4 times from 18 million RON in the same period alst year. Turnover rose by 76.2% in the first half of the year, amounting to 274 million RON (87.43 million EUR), compared with 155.44 million RON in the corresponding period of 2006.
TMK-Artrom Slatina expects a net profit of 25.24 million RON for the current fiscal year, down 2.5 times from 64.75 million RON in 2006. Turnover is expected to amount to 685.05 million RON, compared with 336.18 million RON in 2006. The company plans to invest approximately 50.36 million RON this year.
The company has a share capital of 30.79 million RON, divided into 12.27 million shares with a face value of 2.51 RON. The majority shareholder is Sinara Handel GmbH, with 80.56% in Artrom, followed by SIF Oltenia with 12.19%. Sinara Handel Gmbh is controled by the Russian group TMK, one of the world"s three largest pipe manufacturers. TMK Artrom is listed on Tier 2 of the Bucharest Stock Exchange as ART.
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