Tenaris, Luxembourg-based energy pipe and tube maker launched its financial results for the quarter of this year. The company posted a net profit of US$423 million for the first quarter of this year, falling by 6% year on year. In the first quarter, the company’s sales revenues totaled US$2.67 billion, rising by 2% year on year but falling by 3% from a quarter ago.

Meanwhile, the sales volumes of seamless steel pipes and tubes totaled 657,000 tons, down by 1% year; those of welded steel tubes were at 289,000 tons, remaining flat, both compared to those in the same period of a year ago.