Richmond-based CHC Helicopter yesterday announced strong revenue and EBITD growth in its fiscal first-quarter, along with plans to improve operations and increase efficiency.
The company also said its owner, First Reserve Corp., intends to invest an additional $100 million in equity in the company in the current quarter to help fund expansion in the midst of strong growth in offshore helicopter services.
CHC’s revenue was up 22% to $409.6 million compared with $337 million in the same period last year. EBITDA also increased 22% to $59.6 million.
However, the company recorded a net loss of $2.9 million in the first quarter, which it said resulted from restructuring costs and its improvement initiatives.
CHC indicated in a release that flying revenue was up in all major regions, including Europe, Australia, Brazil, African and Euro-Asia region.
William Amelio, CHC's president and CEO, said “We are bullish about our industry, and believe CHC's global reach, responsiveness to customers and commitment to safety – together with what we expect to accomplish through our broad transformation initiative – put us in an extremely favourable competitive position.
“The increased equity commitment from our shareholders shows that others have that same confidence.”
Jennifer Harrison
Twitter: JHarrisonBIV