Pipe makers profits higher than expected

Pipe manufacturers posted higher profits than originally estimated in their budgets, after they had seen a tremendous increase in financial results in 2005. Artrom Slatina, controlled by the Russian group TMK – the second largest pipe manufacturer worldwide – saw a net profit worth 3.28 million euros (11.7 million RON) in the first quarter, a 2.3-fold increase against the profit seen last year. The company had budgeted a gross profit worth 2.8 million euros for the first quarter. The company”s turnover, however, went down by 11% to 22.4 million euros (79.7 million RON). Nonetheless, Artrom sales exceeded the level budgeted for the first quarter, of some 21.9 million euros. Silcotub Zalau, held by world”s largest pipe maker Tenaris, posted 4.88 million euro (17.4 million RON) net profit in the first quarter, the same as in the first quarter last year. It had budgeted some 7.3 million euros in gross profit for the entire 2006. ZF