Vallourec: Q1 loss down to E90m
(CercleFinance.com) - Vallourec has reported Q1 sales of 1,025 million euros, up 19% y-o-y (+17% at constant exchange rates).
In Q1 2019, Oil and Gas sales reached 672 million euros, representing a sharp increase of 181 million euros (+37% and +33% at constant exchange rates).
The group's operating result improved by 111 million euros to a loss of 19 million euros, compared with a loss of 130 million euros in Q1 2018. At the bottom line it made a loss of 90 million euros, having almost halved the loss of 170 million euros made in Q1 2018.
Vallourec confirmed its targets for 2019. It expects strong growth in gross operating income, a continued improvement in working capital requirements and capex of around 180 million euros.
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