BAS Group Announce Six-Month Earnings
Bermuda Aviation Services Limited and its subsidiaries today [Nov 13] reported income from continuing operations of $0.1 million for the six months ended September 30, 2018 compared to a loss from continuing operations of $0.5 million in the six months ended September 30, 2017.
“The loss from discontinued operations is attributable to the sale of the Company’s Efficient Technologies Bermuda Ltd. subsidiary which was completed in June, 2018. Net loss attributable to shareholders of the Company was $0.3 million for the six months ended September 30, 2018 in comparison to the same result in the comparative period,” the company said.
“The strategic review and resulting plan completed in March, 2018 is in the implementation phase. Management has reduced expenses throughout the Group, continues to rationalize product line profitability and has initiated process flow re-engineering to further improve efficiencies and to improve margins at the subsidiary level.
“Gross margin for the period was $8.9 million which is flat over the comparative period. Although revenues for the six months ended September 30, 2018 were $14.8 million in comparison to revenues of $15.7 million in the comparative period, direct costs declined by $0.9 million. This result reflects efforts to improve margins across the Group as revenue growth continues to be challenging in the current market climate.
“Operating expenses decreased $0.5 million over the same period in the prior year. This reduction is reflected across all expense lines and is a direct result of the restructuring plan completed in March, 2018. The Company reduced its bank loan by $0.4 million in the first six months of the fiscal year. Earnings per share from continuing operations were [$0.01] per share, an improvement of $0.10 per share over the comparative period.
“As Management continues to execute the strategic plan to reposition the Company, the Board have determined it prudent to continue to suspend dividends through the remainder of the fiscal year.
“Mr. Gerald D. E. Simons retired as a Director in August 2018. On behalf of the Board of Directors, we would like to thank Mr. Simons for his many years of service and contribution to the Group. The September 30, 2018 unaudited six-month report can be accessed on www.basg.bm.”
