BAS reports $300,000 loss
Bermuda Aviation Services Limited has reported a total comprehensive loss of $300,000 for the six months to the end of September, compared to a $400,000 comprehensive loss for the same period in 2019.
Loss attributable to shareholders was $300,000, compared to a $500,000 loss a year ago.
However, net income from continuing operations for the period was $500,000, up $200,000 year-over-year.
The company said its net income from continuing operations had remained consistent despite the intermittent government-imposed shutdown of operations of certain sectors of the economy due to Covid-19.
A $200,000 loss from discontinued operations for the period was attributable to the sale of The CCS Group in July, while the $700,000 loss from discontinued operations for the same period a year ago was attributable to the sale of CCS Group Sucursal EM Portugal (CCS Portugal) in September 2019.
BAS reduced its bank loan by $2.5 million and paid interest of $200,000 in the first six months of the fiscal year from the proceeds of the sale of CCS.
Revenues from continuing operations were $6.4 million for the six months, a $1.5 million decrease year-over-year. Total cost of revenue was $2.4 million, a decrease of $900,000; resulting in gross margin of $4 million compared to $4.7 million in the same period last year.
Total operating expenses were $3.3 million for the period, a decrease of S900,000 compared to the comparative period.
Earnings from continuing operations was two cents per share compared to prior year of four cents per share. The company did not declare or pay dividends during the period as the board of directors considered it prudent to instead strengthen the balance sheet and financial position of the group.
In a statement, BAS said that in light of the Covid-19 pandemic it is continuing to monitor operations and remain agile as the needs of customers evolve.
BAS is a holding company with multiple subsidiaries. Companies in the group include BAS-FM, Otis, Weir Enterprises and Eastbourne Properties Limited.