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HNZ Group reports Q4 loss of $2.9M; revenue falls almost a third to $42M

MONTREAL – HNZ Group Inc. (TSX:HNZ.A) has reported a fourth-quarter net loss as revenue fell by almost a third year over year due to the end of its contacts in Afghanistan and reduced activities in Western Canada and elsewhere.

The Montreal-based provider of helicopter services to government and private clients around the world said Thursday that its net loss was $2.9 million or 22 cents per share in the three months ended Dec. 31, reversing last year’s profit of $6.5 million or 50 cents per share.

Revenue fell to just under $42 million from $62 million in the prior-year period.

“The fourth quarter reflected the conclusion of our Afghanistan contracts,” president and CEO Don Wall said in the company’s earnings release, issued after markets closed.

“However, the recent offshore contract award from Shell Canada marks a milestone in the execution of our post-Afghanistan strategy to enter the offshore oil and gas support business in Eastern Canada.”

For the full year, HNZ reported net income of $12.3 million or 94 cents per share on revenue of $207.5 million, down from $19.9 million or $1.52 per share on revenue of $255.1 million in 2013.