BAS strengthens balance sheet, raises net income
Bermuda Aviation Services Limited and its subsidiaries reported net income from continuing operations of about $700,000 for the six months ended September 30, compared with $500,000 over the period to September last year.
BAS is the parent to Weir Enterprises, Otis, BAS-FM and Eastbourne Properties Limited.
The holding company’s net income from continuing operations rose about $200.000 despite the intermittent government-imposed shutdown of operations of certain sectors of the economy because of Covid-19.
Total comprehensive income attributable to shareholders of the company was $0.7 million for the half year, compared with a loss of $0.3 million for the period to September 2020.
Revenues from continuing operations were $5.7 million for the period, a $0.6 million decrease versus the comparative period, because of lower revenues for new construction elevators.
Total cost of revenue was $2 million, a decrease of $0.3 million, resulting in gross margins of $3.7 million compared with $4 million in the comparative period.
Margins are continuing to be affected by competition across various business lines and increasing costs of materials and shipping, the company said.
Total operating expenses were $3.1 million for the period, a decrease of $0.3 million compared with the same period last year.
Subsequent to the year-end, and in an effort to strengthen the balance sheet, the company has fully paid off the remaining bank loan of $1.6 million.
Earnings per share from continuing operations was $0.15 per share compared with $0.02 per share last year.
The company said that it did not declare or pay dividends during the period ended September 30 as the directors considered it prudent to instead strengthen the balance sheet and financial position of the group.