PHI, Inc. (NASDAQ: PHII) has reported USD 169.2m in consolidated operating revenues for the second quarter 2018, compared to USD 146.4 million for the same quarter in 2017, an increase of USD22.8 million, the company said.
Oil and Gas segment operating revenues increased USD 22.4 million for the quarter ended June 30, 2018. This increase is attributable principally to revenue derived from newly-acquired HNZ offshore business and secondarily from an increase in revenues from legacy Oil and Gas operations.
Air Medical segment operating revenues remained unchanged at USD 67.2 million for the quarter ended June 30, 2018 and June 30, 2017. Technical Services segment operating revenues increased USD 0.5 million due primarily to an increase in revenue from Helipass operations and a new government contract.
Consolidated net loss for the quarter ended June 30, 2018 was USD 7.1 million compared to a net loss of USD 3.3 million for the quarter ended June 30, 2017.
PHI provides helicopter transportation and related services to a broad range of customers including the oil and gas and air medical industries, and also provides third-party maintenance services to select customers.