Global Vectra Helicorp Ltd (GVHL), leading provider of helicopter services in India, has reported increased Q1 revenue for 2008-09, at Rs47.94 crore, as compared to the previous year's corresponding quarter revenue of Rs45.74 crore.
GVHL also posted a net loss of Rs17.54 crore for the quarter, as compared to a net profit of Rs10.81 crore for the corresponding quarter last year. This included Rs17.53 crore towards re-statement of foreign exchange liabilities and assets.
Loss before depreciation was Rs2.52 crore. The company said the loss was attributable to increasing fuel cost which has impacted aviation industry world wide. In addition, increase in man power and spare part costs also had an negative impact.
Global Vectra Helicorp Ltd has enhanced the nature of services provided to its oil and gas exploring clientele, such as ONGC, Reliance Petroleum, British Gas, Gujarat State Petroleum Corporation and Transocean Ventures.
The company's fleet, as of 30 July 2008 stood at 20 Bell 412 and 3 Eurocopter helicopters.