Bermuda Aviation Services Ltd recorded a comprehensive loss of $1.9 million for the year ended March 31, 2020. The loss compared to comprehensive income of $0.3 million in the previous fiscal year and was driven by the loss from discontinued operations CCS Group Ltd and CCS Group Sucursal EM Portugal and the related impairment loss on goodwill, which effectively means that the sale price of the businesses was less than their carrying value.In July this year, BAS sold 100 per cent of its ownership in CCS to focus on the company’s core businesses of facilities management and automotive services. BAS said most of the proceeds from the CCS sale were used to reduce the company’s bank debt by $2.25 million, which strengthens the company’s balance sheet and reduces longer term interest payments. The CCS transaction occurred outside of the financial year ended March 31, 2020, and as such the results for CCS have been reclassified and accounted for in these statements as “discontinued operations” and “assets held for sale”.This resulted in a loss from discontinued operations of $0.6 million and the write-off of $1.8 million in goodwill related to this asset. Comprehensive income, adjusted for this transaction, was $0.5 million. In March 2020, the company acquired the minority interest of BAS-Serco Ltd from North American shareholder Serco Inc. As a result, BAS-Serco is now a fully owned subsidiary of the company and has been rebranded as BAS Facilities Management Ltd. Revenues from continuing operations were $15.6 million for the year, which is an increase of $0.7 million over prior year. Total cost of revenue was $6.5 million, an increase of $1.1 million; resulting in gross margin of $9 million compared to $9.5 million in the prior year.Total operating expenses from continuing operations decreased $0.5 million year over year. Management’s efforts to reduce operating expenses have been realised through all expense categories. The company has now reduced its bank loan by $3 million, which included a one-time payment of $2.25 million after the year end together with paid interest of $0.4 million in the year. A one-time prior period adjustment was made to the April 1, 2018 opening consolidated statement of financial position to record a receivable of $0.4 million, which relates to a self-insured health plan surplus terminated in 2018, and returned to the group in the current year. BAS did not declare or pay dividends during the fiscal year ended March 31, 2020 as the board of directors “consider it prudent to suspend dividend payments while the company executes its strategic plan and strengthens the financial position of the group”. BAS said the ongoing pandemic has heightened cleaning standards for commercial office spaces.“Clients have made additional requests to clean and disinfect all commonly used areas, offices and facilities to prevent any risk around the virus,” BAS stated.“As a result, BAS FM is experiencing new growth opportunities through BAS FM’s facilities management and cleaning services. Automotive services continue to make a positive contribution to the results of the group despite the current economic climate.”