India's leading provider of helicopter services to the country's oil and gas sector, Global Vectra Helicorp Ltd. (GVHL) has posted an increase in revenue for the year ended March 2008, at Rs179.54 crores. Last year, it had posted Rs149.37 crore for the same period.
For the fourth quarter that ended on 31 March, 2008 revenues stood at Rs56.57 crore, compared to Rs44.25 crore a year ago.
GVHL posted a net loss of Rs4.30 crore for the financial year ended 31 March, 2008. This is against a net profit of Rs18.87 crore posted during financial year 2006-07. The main reason being cited for the loss is the hike in fuel costs which has adversely impacted the aviation industry globally, with other reasons including increased manpower and spares costs. Global Vectra's currently uses a fleet of 20 Bell-412 helicopters.
For the fourth quarter ended March 2008, the company posted a net loss of Rs9.18 crore against a profit of Rs2.85 crore in the previous quarter.
Post its IPO in November 2006, GVHL has successfully enhanced services towards their top of the line oil and gas exploring clientèle like ONGC, Reliance Petroleum, British Gas, Gujarat State Petroleum Corporation and Transocean Ventures.