December 14, 2010 / 4:26 PM / 8 years ago

Discovery Air shares surge on higher Q3 profit

Dec 14 (Reuters) - Shares of Discovery Air Inc DAa.TO rose as much as 29 percent on Tuesday a day after the aviation company reported a higher third-quarter profit on increased demand for its airborne training and special mission services.

The Yellowknife, Canada-based company’s shares touched a two-years high of 45 Canadian cents before paring some gains to trade at 41 Canadian cents on Tuesday morning on the Toronto Stock Exchange.

Discovery Air, which provides specialized air transport, logistics and remote operations management services, reported earnings that more-than-doubled to C$4 million, or 3 Canadian cents per share, from C$1.7 million or 1 Canadian cent per share a year ago.

The company’s revenue for the quarter rose 30 percent to C$44.4 million.

It reported an 80-percent hike in its government services segment, buoyed by increased demand for airborne training and special mission services, increased basing fees and added revenues from repair and overhaul services. (Reporting by Arnika Thakur in Bangalore; Editing by Joyjeet Das)

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