• BAS Group reports net income attributable to Shareholders of $784,000 for the year ended March 31, 2017
• Total revenue from continuing businesses of $34.8 million
(Hamilton, Bermuda, July 7, 2017) – Bermuda Aviation Services Limited (the “Group” or “BAS”) today announces net earnings attributable to shareholders of $784,000 for the year ended March 31, 2017. This compares to net income of $2.8 million for the corresponding period in 2016.
In its 70th year of incorporation, the Group posted total consolidated net revenues of $34.8 million, a $4.6 million decrease from the prior year. Gross profit is $13.8 million, a decrease of $1.7 million from the prior year. Total operating expenses are $13.4 million compared to $14 million in 2016. The decrease of $600,000 is a result of continued application of Group synergies and management oversight. Total equity attributable to shareholders is $26.8 million, a decrease of $200,000 from the prior year.
Ian Cook, Group President and Chief Executive Officer, Bermuda Aviation Services Limited, says: “While the net income for the company is down this year, we remain positive for the future with a number of new products and services in the pipeline. The company is solid and performing well and as a group we are making the most of the Group’s synergies and partnerships to offer the greatest benefit to our shareholders and customers.”
Earnings per share are $0.16 compared with $0.56 per share for the same period in 2016. The decrease in net earnings attributable to shareholders is not unexpected, as the Group transitions from its traditional roots in the aviation business following the loss of the aviation management contract with the Bermuda Government Department of Airport Operations in March 2016.
“We would like to acknowledge the efforts of past and present employees who have worked so tirelessly to make the Group what it is today. The Group is operating in a challenging environment. The continued success of the Group is due to the dedication, passion and hard work of our people. We would also like to thank our clients and shareholders for their continued loyalty and support.”