BAS reports half-year net income of $500,000
Bermuda Aviation Services and its subsidiaries have reported net income from continuing operations of $500,000 for the six months ended September 30.
That compares with $800,000 over the comparative period to September 2022.
In a statement, the company said: “Despite the challenges posed by an inflationary period, the company effectively sustained a consistent gross margin compared to the previous year.”
BAS said revenues from continuing operations were $6.1 million for the period, a $0.4 million decrease versus the comparative period due to a decrease in project revenues across various subsidiaries.
Total cost of revenue was $2.3 million, a decrease of $0.4 million.
Total operating expenses were $3.4 million for the current period, versus $3.0 million prior year.
The company said the increase in operating expenses is mainly due to wages and benefits expenses across the group as a result of an increase in head count and other employee-related costs.
Earnings per share from continuing operations were $0.10 per share compared to prior period of $0.16 per share.
The company paid a special dividend of $0.10 per share on September 30, which BAS said reflects the strong operating results of the company.
BAS said: “In recent years, the group has consistently executed a range of strategies that have had a beneficial influence on the company's financial performance.
“Our management remains dedicated to collaborating closely with our clients, offering inventive and budget-friendly solutions in the face of economic challenges.
“The leadership team is unwavering in their commitment to maximise financial performance, with the aim of enhancing shareholder value.
“We extend our gratitude to our employees for their enduring diligence and devotion to both our clients and the company.”
It added: “The BAS board of directors and management team are profoundly saddened by the unexpected passing of our former chairman, David W. Pugh.
“David played a pivotal role in guiding the company through challenging periods, always maintaining a positive outlook.
“Over his 12-year tenure as a board member, seven of which were spent as chairman, David made it a point to establish connections with all employees and actively participated in committees dedicated to the company's best interests.
“David established relationships with the Bermuda business community that were both engaging and insightful.
“His absence will be deeply felt by the company and those who had the privilege of knowing him.”
Companies in the group include BAS Facilities Management, Otis, Weir Enterprises and Eastbourne Properties Limited.