Confab reverses loss on higher sales in Q1
Bnamericas Published: Monday, May 02, 2005
Brazilian steel tube maker TenarisConfab posted a net profit in the first quarter this year on a 195% increase in sales as the company won contracts for several pipeline projects in Brazil and Argentina, according to a filing with securities regulators. Confab reported a net profit of 69.8mn reais (US$27.7mn) in 1Q05 compared to a loss of 8.04mn reais in 1Q04. Net sales rocketed 195% in the quarter to 422mn reais from 143mn reais year-on-year. Earnings from operations totaled 115mn reais. The company won contracts in Q1 to supply steel tubes for natural gas pipelines in Argentina and Brazil. Confab will supply 403km of welded steel tubes for the expansion of Argentina's TGN and TGS pipelines. During the quarter Confab also won contracts to supply tubes for a bauxite pipeline being built by Rio de Janeiro-based resources giant CVRD (NYSE: RIO) plus a natural gas pipeline across the Amazon jungle under construction by state energy giant Petrobras (NYSE: PBR). Confab, which has annual installed production capacity of 500,000t of steel tubes, is a subsidiary of global steel-tube maker Tenaris (NYSE: TS).
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