HNZ Group reports 2016 year-end results

HNZ Group, an international provider of helicopter transportation and related support services, reported its financial and operating results for the fourth quarter and fiscal year ended December 31, 2016.Revenue increased by US$2.1m to US$50.9m in the fourth quarter of 2016, compared to US$48.8m a year ago, mainly as a result of increased revenue from the ancillary business segment. The Corporation flew 8,304 hours compared to 8,290 hours in the fourth quarter of 2015, representing an increase of 0.2%. Net loss attributable to the shareholders of the Corporation totaled US$3.0m compared to a net loss of US$2.7m in 2015. For the twelve-month period ended December 31, 2016, revenue totaled US$212.3m compared with revenue of US$188.7 million in the corresponding period of 2015. This increase is explained by higher offshore revenue of US$13.8m, an increase in ancillary revenue of US$7.5m and an increase in onshore revenue of US$2.3m. Adjusted EBITDAR and Adjusted EBITDA for the twelve-month period amounted to US$45.2m and US$27.1m respectively, compared to US$32.6m and US$22.0m a year earlier.