India’s Global Vectra Helicorp Ltd. saw its profit nearly double in its most recent fiscal year, spurred by strong demand for offshore services.
The leading provider of helicopter services to India’s offshore oil and gas industry posted a profit of 125 million rupees for the year that ended March 31. That was an increase of 95.81 percent over the 63.8 million profit reported for its fiscal 2006. Global Vectra Helicorp said income from operations rose by 66.67 percent, to 1.5 billion rupees versus 898.7 million rupees in the year earlier period.
The company said it has maintained steady growth since the initial public offering of its stock in the second half of 2006. Global Vectra Helicorp put four new Bell Helicopter 412s in service in the last quarter. As of March 31, its fleet totaled 18 helicopters. It shortly plans to add a Eurocopter EC155B1.