March 22, 2011 / 9:27 PM / 7 years ago

UPDATE 1-Canadian Helicopters Q4 profit up on Afghanistan contracts

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March 22 (Reuters) - Canadian Helicopters Group Inc’s quarterly profit rose, helped by higher contracts from Afghanistan, and the company said it sees reconstruction operations in the war-torn Asian country adding to its revenue going forward.

“... in anticipation of the postwar period, we are working towards deployment of aircraft to support reconstruction efforts,” Chief Executive Don Wall said in a statement.

U.S. programs to rebuild Afghanistan — a $56-billion effort that has brought only mixed results since 2002 — will take center stage as Obama seeks to demonstrate progress on security and governance so he can begin withdrawing troops. [ID: nN21272166]

The helicopter transportation services company also said it sees demand for its services in Canada returning to higher levels, specially from an upturn in the mining sector.

For October-December, it posted earnings before non-controlling interest of C$4.4 million, or 33 Canadian cents a share, up from C$2.7 million, or 20 Canadian cents a share, last year.

Distributable cash came in at C$6 million, or 46 Canadian cents a share, up from C$2.9 million, or 22 Canadian cents, a year ago.

Revenue jumped 37 percent to C$43 million. Revenue-flying hours rose 4.1 percent to 10,990 hours.

The Montreal-based company’s shares closed 30 Canadian cents higher at C$17.50 on Tuesday on the Toronto Stock Exchange. (Reporting by Arnika Thakur in Bangalore;Editing by Vyas Mohan)

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