This video from the USA is called 60 Afghan Civilians Killed As War Intensifies.
From the Canadian Press:
November 15, 2010 – 12:32 a.m.
By Ross Marowits, The Canadian Press
MONTREAL – Canadian Helicopters Income Fund expects the ramp up of U.S. military contracts in Afghanistan will strengthen its revenues in the coming quarters and offset normal seasonal domestic weakness.
“The likelihood we are projecting of greater revenues than previous years over the next two quarters in spite of normal domestic seasonal fluctuations is grounded in very solid expectations,” CEO Don Wall said Monday during a conference call.
The Montreal-based transportation fund’s optimism flows from its third contract with the United States Transportation Command and the renewal of two earlier deals.
The Oct. 1 contract would generate more than US$360 million if all options are exercised and hours flown by June 2016 and be the largest since the company’s initial public offering in 2005.
It will use two heavy-lift Sikorsky S61 and four Bell 212 medium helicopters for the contract. Five of the aircraft will be acquired.
The contracts to carry goods and passengers to forward military operating locations in war-torn Afghanistan should ramp up in the first quarter of fiscal 2011 and more than offset two large unrenewed contracts.
Ontario air ambulance service Ornge recently decided against exercising its option to extend a services agreement beyond the end date in 2012.
The United States Transportation Command also didn’t renew a North Warning System operation and maintenance contract.
“Notwithstanding the setbacks we experienced in 2010…we believe our overall results and prospects firmly demonstrate the flexibility of our assets and the resiliency of our business model,” Wall told analysts.
Canadian Helicopters (TSX:CHL.UN) said its quarterly revenues were stable but its profit fell 13 per cent due to higher maintenance costs and the need to hire additional crew for work in Afghanistan.
The fund’s net income before non-controlling interest dropped to $14.4 million or $1.10 per unit, down from $16.5 million, or $1.26 per unit, in the third quarter of 2009.
Revenue was almost unchanged at $54.8 million, down from $54.9 million a year earlier, as the loss of U.S. contracts was partially offset from by additional aircraft contracted in Afghanistan.
Canadian Helicopters says its domestic revenue benefited from greater activity in the mining sector, mainly in Eastern Canada.
It ended the quarter with $31.2 million of cash and cash equivalents, up from $19.2 million at the end of the previous quarter and unused debt facilities totalling $55 million.
Canadian Helicopters is the largest helicopter transportation services company operating in Canada and one of the largest in the world, serving primarily the resource industries.
On the Toronto Stock Exchange, its units fell eight cents to $14.60 in midday trading.
NATO summit in Portugal: here.
Anti-war protest in London as Nato leaders hold war talks: here.