Sharply lower oil and gas flying helped send helicopter service provider PHI's latest quarterly revenues plunging by $31.4 million year-over-year for the quarter ending June 30, but the company still managed to post a modest $4.277 million profit for the period thanks to a strong $13.9 million quarterly profit from its air medical sector. Overall revenues for the quarter were $167.1 million, compared with $198.5 million in the same period last year, with $29.7 million of that decline directly attributable to lower volume of oil and gas flying.
Its oil and gas segment posted a loss for the quarter of $5.8 million, compared with a profit of $11.3 million a year ago. While air medical was profitable for the quarter, both profit and revenues were down in the sector compared to the same period a year ago, with profit falling from $15.5 million and revenues down $6.1 million from the year ago period.
PHI's oil and gas revenues for the first six months of the year dipped almost $61 million from the year-ago period. For the first six months of the year, the company posted an overall net loss of $4.6 million versus a profit of $16.8 million in the same time frame last year.