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.
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.