BAS six-month loss narrows to $0.1m


Bermuda Aviation Services Ltd reported a loss attributable to shareholders of $0.1 million for the six months ended September 30, 2019.

This compared to a loss of $0.3 million for the comparative period in 2018. Total comprehensive loss was $26,000 for the current period compared to a comprehensive loss in the prior period of $0.2 million.

In a filing with the Bermuda Stock Exchange, BAS said the group reported net income from continuing operations of $0.6 million for the six months, compared to $0.2 million over the comparative period, an improvement of $0.4 million.

The loss from discontinued operations for the period of $0.6 million is attributable to the sale of CCS Portugal in September 2019, and the loss from discontinued operations for the comparative period of $0.4 million is attributable to CCS Portugal ($0.2 million) and to the sale of Efficient Technologies Bermuda Ltd ($0.2 million), which was completed in June 2018.

Revenues were $15 million for the period, a $0.7 million increase versus the comparative period. Total cost of revenue was $6.8 million, an increase of $1.0 million, resulting in gross margin of $8.2 million compared to $8.5 million a year earlier.

Total operating expenses were $7.9 million for the six months, a decrease of $0.2 million compared to the comparative period. Finance income of $0.4 million for the period relates to a non-recurring payment received by the group to reimburse its over-contribution to a benefits plan.

BAS reduced its bank loan by $0.4 million and paid interest of $0.2 million in the first six months of the fiscal year.

Earnings per share from continuing operations was ten cents per share, an improvement of seven cents per share over the comparative period. The company did not declare or pay dividends during the period, as the board of directors considered it prudent to continue to temporarily suspend dividend payments while the group strengthens its financial position.

You must be registered or signed-in to post comment or to vote.

Published Apr 30, 2020 at 6:35 pm (Updated Apr 30, 2020 at 6:35 pm)

BAS six-month loss narrows to $0.1m

What you
Need to
Know
1. For a smooth experience with our commenting system we recommend that you use Internet Explorer 10 or higher, Firefox or Chrome Browsers. Additionally please clear both your browser's cache and cookies - How do I clear my cache and cookies?
2. Please respect the use of this community forum and its users.
3. Any poster that insults, threatens or verbally abuses another member, uses defamatory language, or deliberately disrupts discussions will be banned.
4. Users who violate the Terms of Service or any commenting rules will be banned.
5. Please stay on topic. "Trolling" to incite emotional responses and disrupt conversations will be deleted.
6. To understand further what is and isn't allowed and the actions we may take, please read our Terms of Service
7. To report breaches of the Terms of Service use the flag icon

  • Take Our Poll

    Today's Obituaries

    eMoo Posts