Baker Hughes, a General Electric company, saw an almost 8 percent increase in the fourth quarter of 2018, according to the oilfield services company's financial statement released on Thursday.
The company had revenues of $6.26 billion in the period October-December, up 7.9 percent from the same period of the previous year. In the last quarter of 2017, the firm posted revenues of $5.8 billion.
According to the company's statement, Baker Hughes had a net income of $382 million in the fourth quarter of 2018, a $493 million increase from the same period of 2017 when the company reported a net loss of $111 million.
In November 2018, General Electric reduced its ownership in Baker Hughes from approximately 62.5 percent to 50.4 percent.
'The market environment changed significantly as we progressed through the year ... it was a year of significant change and progress for us,' President and CEO Lorenzo Simonelli said in the statement.
'Through these changes, we stayed focused on our priorities of gaining market share, running the company better to improve margin rates and improving cash generation,' he added.
For the entire year of 2018, the company posted a total revenue of $22.88 billion -- a 4.8 percent increase from $21.84 billion for the full year of 2017.
For 2018, Baker Hughes saw an operating income of $701 million. The company had posted an operating loss of $409 million for 2017.
By Ovunc Kutlu
Anadolu Agency
energy@aa.com.tr