May 18, 2018 / 7:36 AM / 5 days ago

Russian steel pipe maker TMK's Q1 core earnings up 13 pct y/y

MOSCOW, May 18 (Reuters) - TMK, Russia’s largest maker of steel pipes for the oil and gas industry, said on Friday that its first-quarter core earnings rose 13 percent year-on-year thanks to growth in the Russian pipe market.

Its first-quarter earnings before interest, taxation, depreciation and amortisation (EBITDA) rose to $160 million from $142 million a year ago, it said.

TMK said it still expected its 2018 adjusted EBITDA margin to remain broadly flat compared to 2017, while overall adjusted EBITDA would rise, but it did not say by how much. (Reporting by Polina Devitt; editing by Susan Fenton)

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