Bermuda Aviation Services Limited (the Company) and its subsidiaries (the Group) reported net income from continuing operations of $0.6 million for the six months ended September 30, 2019 compared to $0.2 million over the comparative period; an improvement of $0.4 million.
The loss from discontinued operations for the current period of $0.6 million is attributable to the sale of CCS Group Sucursal EM Portugal (CCS Portugal) in September 2019, and the loss from discontinued operations for the comparative period of $0.4 million is attributable to CCS Portugal ($0.2 million) and to the sale of Efficient Technologies Bermuda Ltd. ($0.2 million) which was completed in June 2018.
Loss attributable to shareholders of the Company was $0.1 million for the six months ended September 30, 2019 in comparison to a loss of $0.3 million for the comparative period. Total comprehensive loss was $0.03 million ($26k) for the current period compared to a comprehensive loss in the prior period of $0.2 million.
Revenues were $15.0 million for the period, a $0.7 million increase versus the comparative period. Total cost of revenue was $6.8 million, an increase of $1.0 million; resulting in gross margin of $8.2 million compared to $8.5 million in the comparative period.
Total operating expenses were $7.9 million for the period, a decrease of $0.2 million compared to the comparative period. Finance income of $0.4 million for the period relates to a non-recurring payment received by the Group to reimburse its over contribution to a benefits plan.
The Company reduced its bank loan by $0.4 million and paid interest of $0.2 million in the first six months of the fiscal year.
Earnings per share from continuing operations was $0.10 per share, an improvement of $0.07 per share over the comparative period. The Company did not declare or pay dividends during the period ended September 30, 2019, as the Board of Directors considered it prudent to continue to temporarily suspend dividend payments while the Company strengthens the financial position of the Group.
In light of the global Covid-19 pandemic, the Company is continuing to monitor operations and remain change-agile as the needs of customers are evolving. The Company is currently unable to
print and mail hard copies of the six month report to shareholders but the report will be available both on the BSX website at www.bsx.com and the BAS Group of Companies website at www.basg.bm. Printed copies will be sent out to those Shareholders who request copies once the Company is able to do so.
Notes to Editors
BAS is a holding company with multiple subsidiaries providing a myriad of services that are distinct in nature but are also strategically complementary and synergistic. Companies in the group include: BAS-Serco, Besco, CCS, Otis, Weir Enterprises and Eastbourne Properties Limited.
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