Welltec: Have we hit bottom? We don't know

Welltec improved on both revenue and results in the second quarter, but the company does not dare believe that the oil sector crisis is over, despite the fact that the industry is slowly adjusting to an environment with lower oil prices.

It was a virtual given in the crisis-stricken oil industry that Welltec's revenue and earnings would decline from the second quarter 2015 to the second quarter this year, as it did by 25 percent and 42 percent, respectively, according the second quarter interim report. But when compared to the first quarter of this year, Welltec actually saw a boost. Revenue increased from USD 45 to USD 51 million, while the operating profit (EBIT) went from USD 12 million to 20 million.

"Revenue grew by 14 percent over the first quarter, marking the first top line growth since the oil industry began its downturn in late 2014," said the company's CEO Michael Krabbe at an investor briefing on Thursday.

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