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

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

Global Vectra posts an increase in Gross Revenue by 5% to Rs 47.94 crores in Q1 FY08-09. 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.

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Global Vectra Helicorp Ltd. (GVHL) (BSE Code 532773; NSE Code GLOBALVECT), 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. Lt. Gen. SJS Saighal (Retd.), Chairman, Global Vectra Helicorp Ltd. said, "Crude oil prices spiraling is not really good news for the end consumer but at the exploratory level it means opening new avenues to bigger business prospects. Indian oil and gas companies ramping up their exploration in various locations along the Indian coast would also move to other countries in the ASEAN and other. GVHL has been strategically planning venturing into overseas market to expand its business. The possibility seems to be closer now."

Mr. David Hayler, CEO, Global Vectra Helicorp Ltd. said, "India is the hub for new business opportunities and we estimate that we will be returning to profitable trading in the near future. We are in the process of acquiring another EC155, to support our domestic onshore operations. We have also renewed our contract with Reliance Industries Limited which is proof that we are the most sought after helicopter services in the oil and gas sector. We will continue to grow strategically by diversifying into the onshore  market with the addition of aircraft and infrastructure to operate new services to Bangalore international airport. 

Sourced From: Mutual Public Relations