Company returns to second-quarter net profit

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German engineering services giant Bilfinger reported a rise in second-quarter net profit on Tuesday, underpinned by an uptick in demand for oil and gas.

Net profit over the second quarter came in at 12 million euros ($13.7 million), up from a loss of 7 million euros in the same period last year. Revenues increased 6 percent to come in at 1.1 million euros.

The company also reaffirmed its full-year outlook for 2018, saying revenue development was likely to remain organically stable over the coming months.

Bilfinger Chief Executive Thomas Blades told CNBC’s “Squawk Box Europe” on Tuesday that a considerable increase in the firm’s orders during the second quarter should be seen as evidence the company is back on the right track.

“We have built up momentum, we think we can continue that and, of course, then translate those orders into revenue and ultimately, of course, into earnings. So, I think we’re showing that our Strategy 2020 is delivering the results that we promised,” Blades said.



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Pravin Auti Author