CALGARY – The oilfield transporter Aveda Transportation and Energy Services Inc. moved from a profit to a loss in the first quarter of the year despite posting higher revenue, according to its recently released earnings report.

The net loss of $1.1 million compares to net income of $2.5 million for the first quarter of 2014. The loss per share was $0.06 compared to basic earnings per share of $0.15 a year earlier.

Despite the significant slow-down experienced in the oil and gas sector, due to the drastic decline in the price of oil and natural gas, revenue grew by $1.2 million to $36.6 million, compared with revenue of $35.5 million for the same period in 2014.

U.S. revenue increased by 27.9% while Canadian revenue decreased by 55.6%, which resulted in an overall revenue increase of 3%.

“During the first quarter, our customers continue to seek ways to reduce spending and capital budgets in this low commodities environment,” said Kevin Roycraft, president and CEO of Aveda. “We have delivered these results despite fierce competition and downward pricing pressure. We have been able to mitigate the full impact of the industry slowdown by increasing market share in certain regions and diligently managed our costs. At the same time, we have strengthened our balance sheet and repurchased our undervalued shares in the open market.”

Aveda also announced it has completed the restructuring of the North Dakota rig moving operations that started in 2014 with the recruitment of a new regional manager and a new rig moving manager, returning its North Dakota operation to profitability, while it has implemented wage roll backs across the organization to reduce costs.

More details about the company’s first quarter financial performance are on the Aveda Transportation and Energy Services website.