Company returns to second-quarter net profit

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

Net profit over the second quarter came in at 12 million euros ($13.7 million), up via a loss of 7 million euros from 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 which a considerable increase from the firm’s orders during the second quarter should be seen as evidence the company will be back on the right track.

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

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