BAS Returns To Profitability, $1.8M Profit

Bermuda Aviation Services Limited reports that for the year ended March 31, 2013, the profit before non-controlling interest was in excess of $1.8 million compared to a loss of $4.6 million the prior year. The earnings per share were $0.34 compared to a loss of $0.90 per share last year.

“This has been a favorable swing in the Company’s bottom line performance by over $6 million from fiscal 2012″, a spokesperson said.

“This return to profitability is due in large part to BAS moving past the hurdles associated with the restructuring of one of its subsidiaries and the adjustments made to Goodwill carried in relation to the Cargo Handling segment of its operations in the prior year.

“In an economic environment that has tested most local businesses, the Board and Management of BAS finds these results pleasing as BAS continues to prove its resolve and durability”.

BAS President & CEO, Kenneth Joaquin, stated, “BAS continues to evolve. A name that was once synonymous with aviation is now one that is synonymous with the provision of excellent facilities management service. BAS is continuing its development to become a full-fledged commercial infrastructure solution based company.

“BAS now offers group solutions covering multiple service disciplines under one corporate banner and scalable to customer requirements. With the ability to takeover any facility and manage every aspect from ground to ceiling we are seeking to create the added value that we hope will be appealing to many.”

“As BAS continues to develop and diversify, the Company, during fiscal 2013, made two notable acquisitions and, for the first time since its own inception, over 60 years ago, launched a new start-up venture”, the spokesperson continued.

“In April 2012 BAS purchased the majority interest in Integrated Technology Solutions Ltd. (ITS). Backed by industry partners such as Creston, ITS is an innovative company in Bermuda’s technology sector, providing both commercial and residential solutions.

“In October 2012 BAS purchased the majority interest in Bermuda Energy Services Company (BESCO). With three core divisions covering Electrical Engineering, Building Control Systems and Power Management, BESCO is an innovative company in Bermuda’s mechanical electrical contracting sector, providing solutions for the commercial and residential sectors.

“In January of 2013 BAS launched Efficient Technologies Bermuda Ltd. (Eff-Tech). Eff-Tech was formed to facilitate BAS’s expansion into heating, ventilation and air-conditioning (HVAC) sales, service and installation. The company is an authorized distributor for Mitsubishi Electric Cooling and Heating and represents their full product line here in Bermuda.

“BAS has established a portfolio of companies that are both diverse in nature but synergistic in complimentary service provision”.

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