Russian pipemaker TMK Q2 profit misses poll at $76 mln

MOSCOW Fri Aug 31, 2012 3:09am EDT

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MOSCOW Aug 31 (Reuters) - Russian pipe maker TMK, a major supplier to Russia's oil and gas industry, reported a second quarter net profit of $76 million, falling short of a consensus forecast of $93 million.

TMK said the Q2 net profit included a $26 million foreign exchange loss.

Revenues were $1.78 billion, ahead of a consensus forecast of analysts polled by Reuters, which showed expectations of $1.69 billion, while earnings before interest, taxes, depreciation and amortisation (EBITDA) were $290 million, in line with the consensus forecast.

Pipe sales were up 10 percent on the back of increased sales of large-diameter pipes and OCTG pipes for construction of new wells. (Writing by Melissa Akin; Editing by Vladimir Soldatkin)

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