Oil Slump Hits Lafayette-Based PHI Inc. Earnings

LAFAYETTE, LA (AP) — The energy industry's continued struggles helped drag down the first-quarter results of PHI Inc., a Lafayette-based helicopter transportation company.

         PHI reported a first-quarter loss of $8.9 million, or 57 cents per share, compared with a profit of $10.4 million, or 66 cents a share, a year ago.

         PHI's oil and gas segment saw revenue fall 26.5 percent to $88.4 million. The segment lost $5 million for the quarter, compared with a profit of $18.9 million a year earlier.

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         The Advocate reports the air medical segment turned a profit of $10.4 million, a $700,000 increase over the previous year. The increase was primarily the result of cuts to operating expenses, including pilot compensation, maintenance expenses and overseas operating costs.

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