Silcotub beats full-year profit projection

The pipe producer Silcotub Zalau, part of Tenaris, the world’s biggest pipe manufacturer, in the first half of this year derived net income worth 8.94 million euros (31.6 million RON), 2.4 times higher in euros than the net profit in the corresponding period of last year. Silcotub has already topped the income level budgeted for this year, of approximately 7.3 million euros. The company’s turnover in the first six months amounted to 92.7 million euros (328.2 million RON), up 25% from last year’s level, mainly because of rising sales both domestically and internationally. This year, the company has budgeted sales standing at 155 million euros. “The volume of sales was 5,200 tonnes higher than in the first half of 2005, both due to higher domestic sales and to exports, accounting for 67% in total sales logged by June 30th, 2006,” reads the company first half report. The company’s main export markets are Western Europe, North America, Eastern Europe and the Commonwealth of Independent States. In Romania, the most important consumers are those in the petroleum and natural gas industry.