Revenue for CHC Helicopter Corp. (TSX:FLY) rose to $321.9 million for the Richmond company's third quarter, which ended January 31, compared with $300.8 million for the same period last year.
But quarterly net earnings for the world's largest helicopter service provider to the offshore oil and gas industry fell to $6.5 million, which is down from $12.8 million in 2007's third quarter.
According to CHC, increased costs from the upgrade of its helicopter fleet contributed to the quarterly drop in net income.
In the third quarter, the company replaced eight older aircraft with four Sikorsky S92s, two AugustaWestland AW139s and two Eurocopter EC225s.
CHC said it has 75 aircraft on order, 16 of which are scheduled to be delivered in the fourth quarter. The remaining 59 are expected to be delivered over the next four years.
In mid-February, private equity firm First Reserve Corp. announced plans to buy CHC in a deal worth $3.7 billion.
CHC's share price range during the past week: between $30.70 and $30.72; 52-week high: $31.88; 52-week low: $20.01.