smc

For the first pipe, we are told that his profit was 20%. In other words, he sold the pipe for 120% or $\frac{6}{5}$ of its original value. This tells us that the original price was $\frac{5}{6}\cdot 1.20=\text{textdollar}1.00$. For the second pipe, we are told that his loss was 20%. In other words, he sold the pipe for 80% or $\frac{4}{5}$ of its original value. This tells us that the original price was $\frac{5}{4}\cdot 1.20=\text{textdollar}1.50$. Thus, his total cost was $\text{textdollar}2.50$ and his total revenue was $\text{textdollar}2.40$. Therefore, he $\boxed{\text{lost }10\text{ cents}}$.