PHI Posts Earnings Drop for First Half
PHI said its revenues from the oil and gas segment for the quarter ending June 30 fell to $90.2 million from $94.7 million during the same period a year ago. The company blamed the decline on reduced medium helicopter revenue as a result of a decline in deepwater drilling and rig support in the wake of increased regulation and delay in the wake of last year’s Deepwater Horizon disaster in the Gulf of Mexico. The company’s air medical segment revenues increased modestly to $44.2 million for the quarter, up from $43.1 million during the same period a year ago. For the first six months of 2011, PHI posted a net after-tax loss of $1.9 million, compared with earnings of $11.1 million for the same period in 2010.