BAS GROUP REPORTS SIX-MONTH EARNINGS OF $1.2 MILLION
• BAS Group reports earnings of $1.2 million for the six-month period ending September 30, 2015
• Total consolidated net revenues total $26.8 million
• Earnings per share were $0.24
(Hamilton, Bermuda, December 4, 2015) – Bermuda Aviation Services Limited (the “Group” or “BAS”) today announces net earnings attributable to shareholders of $1.2 million for the six months ended September 30, 2015. This is down from $1.4 million for the corresponding period in 2014, largely due to delays in the commencement of large projects and economic conditions.
Earnings per share were $0.24 compared with $0.28 per share for the same period in 2014.
The Group has posted total consolidated net revenues of $26.8 million, a 10 per cent decrease from the corresponding period in 2014.
BAS-Serco Ltd., Weir Enterprises Ltd., and Otis Elevator Company (Bermuda) Ltd. all continue to perform well in their fields and have each surpassed the previous year’s results. BAS-Serco learned that the company’s long-standing contract to provide operations services at L.F. Wade International Airport will not be renewed past March 2016, however, the company’s Commercial Services division is performing exceptionally well.
CCS Group Ltd. posted a 10 per cent increase on its operational income compared to the same period last year. The company has recently launched new business streams to maintain a competitive edge and has opened an international office in Portugal to launch solutions and services in Europe.
Bermuda Energy Services Company Ltd. (BESCO) is expected to improve performance over the coming year as several delayed projects are proposed to begin. IBC Ltd. posted revenues down from the same period last year as a result of falling consumer spending habits. Efficient Technologies Bermuda Ltd. and Integrated Technology Solutions Ltd. both report below expected earnings and will continue to refine their business models to achieve improved results.
Ian Cook, President and Chief Executive Officer, Bermuda Aviation Services Limited, says: “This year’s results are down slightly from the same period last year, due to delays in the commencement of projects that have been awarded, as well as changes in the economic landscape. Overall, our group is solid and performing well. Our companies understand the value of evolving to offer products and services that are competitive in the marketplaces that we serve. We will continue to adapt each individual company, as well as the group services model that takes advantage of the group’s unique synergies, to benefit our customers and our shareholders. We look forward to the future in which we will continue to adapt and strengthen.”