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.