Offshore-energy and medevac operator PHI reported substantially higher earnings for the first quarter, posting a net revenue gain of $40.9 million (to $178.9 million) compared with the same quarter last year. The company credits the gain to more deepwater oil exploration support work and an uptick in its air medical segment. Net earnings quadrupled from the same period in 2012, increasing to $8.8 million from $2.2 million.
The world’s airlines will achieve somewhat higher than expected profits this year, according to the latest projections from the International Air Transport Association (IATA). The industry group now expects its members to post a combined net post-tax profit margin of 1.6 percent this year (up from the earlier projection of 1.3 percent) on net income of $10.6 billion (up from $8.4 billion).
The Ruag Group has streamlined its business aircraft maintenance facilities in response to a net loss in that sector of approximately $103 million for 2009 compared with a net profit of $50 million in 2008. However, Ruag Holding CEO Lukas Braunschweiler pointed out that the loss is allocated entirely to its aircraft component manufacturing division, where low-cost competition is exerting strong pressure on prices.