- Tubi (2BE) has recorded a significant 55 per cent increase in production in the last quarter of 2020 financial year
- The pipe manufacturer said the strong result came from an 85 per cent increase in production volume from April to May, and a 51 per cent increase from May to June
- Tubi also credited the success to its increase in production plants across the U.S., with a third plant opening in Florida in May
- Shares in Tubi have soared amid the release, rising 68.8 per cent, with the share price closing at 13.5 cents
Pipe manufacturer Tubi (2BE) has recorded a significant 55 per cent increase in production in the last quarter of the 2020 financial year.
In particular, Tubi is crediting the success to strong results over the last two months.
From April to May, production increased a huge 85 per cent. Meanwhile, from May to June, the volume increased by 51 per cent.
Tubi CEO, Marcello Russo, said the result was even more amazing considering the current COVID-19 climate.
“I am looking forward to confirming (after the audit) the company returning to a monthly profit in the last quarter of FY20 and continuing monthly profitability throughout the first quarter of FY21,” he said.
The CEO also credited the strong turnaround to the opening of new production plants in the U.S.
“With the third manufacturing plant commissioned and operating, Tubi is well-positioned to service these growing orders through COVID-19,” he said.
The pipe manufacturer opened a third plant in Florida, next to one of its existing plants, in May. Both are allowed to operate during COVID-19.
In the meantime, today’s positive news has translated to a big spike in Tubi’s share price.
It opened at nine cents per share, before spiking and hitting a high of 33 cents per share early on.
The price then dipped back down, and today closed at 13.5 cents per share, which still represents a rise of 68.8 per cent.