Global Vectra gross revenue to Rs 47.94cr, up by 5%

Global Vectra Helicorp Ltd, India's leading provider of helicopter services to the country's Oil and Gas sector, has posted an increase in Revenue for the Q1 of FY 2008-09 at Rs. 47.94 Crores as compared to the corresponding Quarter of previous year's Revenue of Rs 45.74 Crore. GVHL posted a net loss of Rs.17.54 crore for Q1 2008-09, as compared to net profit of Rs. 10.81 Crore posted in the same Quarter of Previous Year. The Net Loss included Rs 17.53 Crore towards restatement of foreign exchange liabilities and assets. The Loss before depreciation was Rs 2.52 crores.
The loss is attributable to increasing fuel cost which has impacted aviation industry world wide, In addition, increase in man power and spare parts costs have also had a negative impact.
Since its IPO in October 2006, Global Vectra Helcorp Ltd. has successfully enhanced its services towards their top of the line oil and gas exploring clientele such as ONGC, Reliance Petroleum, British Gas, Gujarat State Petroleum Corporation and Transocean Ventures. The company's current fleet as of July 30, 2008 stood at 20 Bell 412 helicopters and 3 Eurocopter.
31/07/08 Moneycontrol.com

To Read the News in full at Source, Click the Headline

Categories: Indian Aviation- In General Aug 2008