EnergyWatch

Welltec's interest payments keep bottom line in deficit

The former growth comet shows higher revenue and operating income in the year's third quarter, but big interest payments on its debt keep the company's bottom line in red.

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Interest payments on a USD 9 million debt continue to put a substantial strain on oil-technology company Welltec's bottom line, exiting the third quarter with a net deficit of USD 7 million.

Quarterly revenue landed at USD 62 million against USD 60 million from the preceding three months, while earnings before interest and taxes (EBIT) show a small black figure of USD 1 million, reveal Welltec's consolidated figures.

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