MONTREAL - HNZ Group Inc. (TSX:HNZ.A) said Tuesday its net income for the latest quarter rose to $12.6 million from $12.2 million during the same period a year ago.
The profit amounted to 97 cents per share, compared with 93 cents per share during the second quarter last year.
The helicopter operator said the increase was due to the sale of property, plant and equipment, including a building in Edmonton.
Analysts polled by Thomson Reuters had expected HNZ Group's profits to drop for a second consecutive quarter, forecasting that profits would decline 12 per cent to 82 cents per share in the period that ended June 30.
The company reported revenues of $63.9 million, compared with $62.9 million in the previous year. Analysts had forecast revenues to slip 4.2 per cent to $60.17 million.
"Despite the current difficult economic conditions in the mining sector, the seasonal slowdown of activities in the Southern Hemisphere, as well as the negative impact of unfavourable exchange rates, HNZ generated strong results for the second quarter of 2013," said chief executive Don Wall.
Last quarter, the Montreal-based company had faced lower revenues on the end of its contract with Ornge emergency medical services in Ontario.
HNZ, with more than 130 helicopters and 800 employees, is an international provider of helicopter transportation and related support services with operations in Canada, Australia, New Zealand, Afghanistan, Antarctica and Southeast Asia.
Last December, the U.S. Defence Department exercised its option to renew a contract for helicopter support in Afghanistan for one year, which an analyst estimated is worth about $25 million.
HNZ Group, formerly Canadian Helicopters, is providing three Bell 212 helicopters through November to move supplies and passengers in Afghanistan for the U.S. military.
© Copyright 2013