Bermuda Aviation Services has notched up net earnings of $689,000 for the six months to the end of September.

The figure, which excludes the impact of the end of the BAS Serco contract at the airport and the sale of courier firm IBC, was down by $177,000 for the same period last year.

The company, which has diversified into other areas in recent years, had total consolidated net revenues of $18.2 million — ten per cent down for the same six months of 2015.

Earnings per share for the period totalled 20 cents, down four cents on the corresponding six months of last year.

Ian Cook, group president and CEO, said: “This year’s earnings are down slightly from the same period last year due in large part to investment into new products and services and the sale of IBC.

“On the whole, our group is stable and performing well.

“As a group, we continue to evolve in order to maximise the group’s unique synergies to the benefit of our customers and shareholders.”

Mr Cook added: “We want to thank our clients and shareholders for their commitment and support over the past six months and our hardworking staff.

“We look forward to growing the business in new areas.”

Integrated Technology Solutions exceeded revenue expectations by 31.8 per cent and this resulted in improved earnings for the six months.

Weir Enterprises and the Otis Elevators were said to have “maintained stable financial results while continuing to provide excellent services for their customers.”

Efficient Technologies Bermuda saw revenues drop 13.2 per cent below predictions, but the company said “earnings were significantly greater than the expectations.”

IT firm CCS Group saw a 15 per cent decrease in revenues — but BAS said it was investing in new lines of business, which are expected to show gains in the coming months.

BAS said that earnings from its Bermuda Energy Services Company were expected to be “moderate.”

The company lost the airport contract in March this year to US-based CI².

BAS was founded in 1947 to provide ground services and passenger handling at the airport, but it has grown over the years into a holding company for a range of subsidiaries.