Pipe Metallurgical Company (TMK) came up with its enterprises’ financial performance report for 2008, compiled in accordance with the Russian accounting standards.

TMK’s net loss reached 9 billion RUR in 2008 in comparison with the 19.2-billion-ruble net profit in 2007 (in accordance with the Russian accounting standards). The company’s net loss amounted to 7.4 billion RUR in the last quarter of 2008 compared with the net profit of 11.4 billion RUR a year earlier.

The company reports last year’s losses have to do with the dropping share price of TMK’s daughter enterprises and the need to re-estimate the company’s debts because of the growing U.S. dollar exchange rate.