BAS swing back to annual profit
Bermuda Aviation Services Limited trimmed total operating expenses from continuing operations by $300,000 year over year and posted a total comprehensive income of $1.2 million for the year ended March 31, 2022, compared to a comprehensive loss of $1.1 million in the prior year.
An impairment charge of $400,000 on goodwill was recognised during the year which is reflected in the total comprehensive income for the year.
BAS operates BAS Facilities Management Ltd, Otis Elevators and motor car garage Weir Enterprises.
In a filing with the Bermuda Stock Exchange, the company noted that management efforts to reduce operating expenses was realised through all expense categories.
The company said several operational improvements included detailed financial analysis with an emphasis on improving profit margins.
The filing said: “The group is committed to enhancing customers’ experiences by improving the quality of service and broadening product offerings to differentiate from our competitors.
“The group is also focused on continuous training and employee engagement to create a harmonious and positive working environment for its employees.”
Revenues from continuing operations were $12.4 million for the year, which is a decrease of $100,000 over prior year. Total cost of revenue was $4.8 million, an increase of $200,000; resulting in a gross margin of $7.6 million compared to $7.9 million in the prior year.
Total operating income for the group is $1.6 million for the current year compared to $1.5 million in the prior year.
The group has been focusing on new revenue opportunities while realising operating efficiencies through improvements in internal processes and margin management.
BAS Facilities Management Ltd made their buildings more energy efficient and reduced their carbon footprint in the provision of facilities management services.
Otis Elevators provided comprehensive maintenance services to ensure the safe operation of elevators, with recommendations when replacements were needed.
The company said: “Weir Enterprises has performed well despite the increase in local competition and the difficultly sourcing parts in the current supply chain climate. The company remains committed to providing high quality service with excellent customer service and competitive pricing.”