Canadian Helicopters has impressive Q3 results
November 18, 2011 ByCarey Fredericks
Nov. 18, 2011, Montreal - A big increase in revenue from existing operations as well as a recent acquisition helped Canadian Helicopters Group Inc. swing to a profit in the third quarter.
The Montreal-based provider of helicopter services for both civilian and military customers, said it earned $20.5 million or $1.56 per share in its most recent period, compared with a loss of $4.5 million in the same year-earlier quarter.
Revenue in the three months ended Sept. 30 was $85.4 million, up almost 56 per cent from $54.8 million in the same 2010 period.
The $30.6-million improvement includes revenue of $11.3 million from Helicopters (N.Z.) Ltd., which it bought in July, as well as an extra $19.3-million from existing operations, a 35 per cent year-over-year increase.
Canadian Helicopters Group is an international provider of helicopter transportation and related support services with fixed primary operations in Canada, Australia, New Zealand and regions of Southeast Asia.
The group, with 160 helicopters and 800 personnel, also delivers contracted on demand support in Afghanistan and Antarctica. In addition to charter services, the Company provides flight training and third party repair and maintenance services.