BAS reports a $205,000 loss
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.