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BAS reports a $205,000 loss

BAS saw its income from continuing operations improve to $100,000 for the six months to the end of September

Bermuda Aviation Services Limited made a loss of $205,000 for the six months to the end of September, compared to a $228,000 loss for the same period a year ago.

Its income from continuing operations was $63,000, an improvement on a loss of $476,000 year-on-year.

The loss from discontinued operations is attributable to the sale of the company’s Efficient Technologies Bermuda Ltd. subsidiary which was completed in June.

Companies within the BAS group include BAS-Serco, Besco, CCS, Otis, Weir Enterprises and Eastbourne Properties Limited.

The group said its strategic review and resulting plan completed in March is in the implementation phase.

In a statement, BAS said management has reduced expenses throughout the group, continues to rationalise product line profitability and has initiated process flow re-engineering to further improve efficiencies and to improve margins at the subsidiary level.

Gross margin for the period was $8.9 million, which was flat over the comparative period. Although revenues for the six months were $14.8 million in comparison to revenues of $15.7 million in the comparative period, direct costs declined by $900,000. BAS stated the result reflected efforts to improve margins across the group as revenue growth continues to be challenging in the current market climate.

Operating expenses decreased $500,000 compared to the same period in 2017.

The company reduced its bank loan by $400,000.

Earnings per share from continuing operations were one cent per share, an improvement of 10 cents, year-on-year.

Th company is continuing with its suspension of dividends for the remainder of the fiscal year.

The company also noted that Gerald Simons retired as a director in August. The board thanked him for his many years of service and contribution to the group.