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Spain's Tubacex 9-mth EBITDA falls 10.8 pct

Wed Nov 12, 2008 5:09am EST

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* Core earnings slump on falling nickel prices

* Sales down 4.7 pct to 500 mln euros

MADRID, Nov 12 (Reuters) - Spain's Tubacex (TUBA.MC) posted a 10.8 percent drop in nine months core earnings from a year earlier on Wednesday, reflecting the impact of falling nickel prices.

In a statement, the stainless steel tubing manufacturer said earnings before interest, tax, depreciation and amortisation (EBITDA) fell to 71.4 million euros ($90.14 million) in the nine months from 79.8 million a year earlier, and compared with analysts forecast for 72.2 milllion.

Net profit fell 11.9 percent to 37.2 million euros from 42.2 million, while sales declined 4.7 percent to 500 million euros from 524.8 million.

(Reporting by Judy MacInnes; Editing by Mike Nesbit)



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