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 to 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 to a profit of $18.9 million a year earlier.
PHI said it expects further reductions in the operating revenues and net profit of its oil-and-gas segment in 2016, according to a filing with the U.S. Securities and Exchange Commission.
PHI offered a voluntary furlough program to its oil-and-gas pilots and 26 took the severance package, according to the SEC filing. Under the furlough agreement, PHI must offer the pilots the right to return to work within 12 months.
Meanwhile, 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 expense and overseas operating costs.