Business

HNZ Q3 profit nearly quadruples, revenue up 31.6 per cent from last year

MONTREAL — HNZ Group reported a $6.4 million third-quarter net profit Monday, which was nearly four times higher than a year ago.

The Montreal-based helicopter services company (TSX:HNZ) said its net income amounted to 50 cents per share, including discontinued operations.

Net income from continuing operations, attributable to common shareholders, was $6.3 million or 49 cents per share.

Those compared with $1.7 million or 13 cents per share of net income including discontinued operations and $2.3 million or 18 cents per share from continuing operations in the third quarter of 2016.

Revenue grew to $72 million from $54.7 million of revenue, attributed to new contracts including a multi-year deal to support ExxonMobil Canada and Encana Corp.'s activities offshore Nova Scotia.

HNZ's chief executive recently proposed buying the company and then selling some of its offshore operations in the southern hemisphere to PHI Inc., subject to shareholder and other approvals.

HNZ's operations in Canada, the United States and Antarctica would remain with the company under the leadership of chief executive Don Wall.

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