Canadian Helicopters’ profit soars
August 12, 2011 By Carey Fredericks
Aug. 12, 2011, Montreal - Canadian Helicopters Group Inc. reported that net income soared to $15.1 million in the second quarter as Afghanistan contracts boosted overall revenues nearly 43 per cent to $63.3 million.
The Montreal-based helicopter transportation company earned $1.15 per share for the period ended June 30, above the 93 cents per share forecast by analysts.
Canadian Helicopters (TSX:CHL.A) earned $1.19 million a year ago. Adjusting for one-time items last year related to its conversion
from an income trust, it earned $7.29 million, or 56 cents per share, in the year-ago period.
Pre-tax operating earnings or EBITDA nearly doubled to $23.4 million from $12.3 million a year earlier, it said in results released Thursday after markets closed.
Heavy aircraft contracts in Afghanistan, and to a lesser extent the domestic mining market, increased visual flight rules revenues
by $17.8 million.
Instrument Flight Rules revenue decreased $1.4 million mainly from reduced emergency medical services revenue.
President and CEO Don Wall said the company benefited from fulfilling contracted hours of flying in Afghanistan in support of the U.S. military and recovering demand in the Canadian mining sector.
Canadian Helicopters declared a monthly 9.19 cent per share dividend.