Log In

Reset Password

BAS reports $300,000 loss

Earnings news: BAS saw its income from continuing operations improve to $500,000 for the six months to the end of September (File photograph)

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.

You must be Registered or to post comment or to vote.

Published December 08, 2020 at 7:00 pm (Updated December 08, 2020 at 7:00 pm)

BAS reports $300,000 loss

What you
Need to
1. For a smooth experience with our commenting system we recommend that you use Internet Explorer 10 or higher, Firefox or Chrome Browsers. Additionally please clear both your browser's cache and cookies - How do I clear my cache and cookies?
2. Please respect the use of this community forum and its users.
3. Any poster that insults, threatens or verbally abuses another member, uses defamatory language, or deliberately disrupts discussions will be banned.
4. Users who violate the Terms of Service or any commenting rules will be banned.
5. Please stay on topic. "Trolling" to incite emotional responses and disrupt conversations will be deleted.
6. To understand further what is and isn't allowed and the actions we may take, please read our Terms of Service
7. To report breaches of the Terms of Service use the flag icon