MONTREAL -- Canadian Helicopters Income Fund has lost a key contract to provide radar maintenance and support services to the U.S. Air Force in the Far North, but company officials insist it's just a minor setback as the company pushes deeper into the defence industry market.
"It hurts. It's been a source of pride," Canadian Helicopters senior executive vice-president Don Wall said at an investors' presentation.
The contract produced about $10-million a year in revenue. Two more contracts with the U.S. Air Force worth a combined total of about $5-million in annual revenue are also being reviewed and a decision is to be made in the next few weeks, the Vaudreuil, Que.-based company said.
Mr. Wall said the company - Canada's largest provider of helicopter services - is aggressively looking to expand its presence in the defence industry around the world.
Jean-Pierre Blais, Canadian Helicopters' president, said the loss of the contract to provide services to the North Warning System of radar stations in the Arctic was an issue of price, with a Canadian rival winning on a lower bid.
Cdn. Helicopters (CHL.UN)
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