The company posted an operating profit of RON3.2 million (EUR747,000) but it was balanced out by financial losses, according to a statement the company sent the Bucharest Stock Exchange on Monday.
The company’s earnings were calculated under international financial reporting standards (IFRS).
TMK Artrom did not make available its 2012 first quarter results under IFRS.
According to the budget approved by its shareholders late April, TMK Artrom estimates revenues of $315 million this year, up 18%, and a net profit of $15 million, from $12.2 million in 2012.
The company is 92.7%-owned by TMK Europe, a division of Russia’s TMK. The Russian group also owns steel plant TMK-Resita in Romania.
On the Bucharest Stock Exchange Monday, TMK Artrom closed at RON1.25 per share, up 8.51%, bringing the company’s market value to RON145.2 million (EUR33.6 million).