March 13, 2008 / 1:52 AM / 10 years ago

CHC Helicopter profit falls from a year earlier

TORONTO (Reuters) - CHC Helicopter Corp FLYa.TO, a provider of air transport services to the offshore oil and gas industry, reported on Wednesday a lower-than-expected third-quarter profit.

CHC earned C$6.5 million, or 14 Canadian cents a share, in the quarter ended January 31, compared with earnings of C$12.8 million, or 28 Canadian cents a share, a year earlier.

Analysts had expected the company to earn 34 Canadian cents a share, according to Reuters Estimates.

Total revenues for the quarter rose to C$321.9 million from C$300.8 million in the same period of last year. Analysts estimated a revenue of C$329.7 million.

The Richmond, British Columbia-based company agreed in February to be taken private by First Reserve Corp in a deal worth about C$1.5 billion.

CHC’s board of directors has unanimously approved the agreement and recommended that its shareholders vote in favor of the transaction.

A special general meeting of shareholders will take place on April 29, in Richmond. CHC will be delisted and will no longer trade publicly if the deal is completed.

Shares of CHC Helicopter closed at C$30.60 on Wednesday at the Toronto Stock Exchange.

($1=$0.99 Canadian)

Reporting by Renato Andrade; Editing by Gary Hill

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