BAS Group Reports Six- Month Earnings
In a filing with the Bermuda Stock Exchange, Bermuda Aviation Services Limited reported six-month earnings.
The filing stated, “Bermuda Aviation Services Limited [the Company] and its subsidiaries [the Group] reported net income from continuing operations of $0.5 million for the six months ended September 30, 2020 compared to $0.3 million over the comparative period to September 2019; an increase of $0.2 million.
“The Company’s net income from continuing operations has remained consistent despite the intermittent government-imposed shutdown of operations of certain sectors of the economy due to Covid-19.
“The loss from discontinued operations for the current period of $0.2 million is attributable to the sale of The CCS Group ["CCS"] in July 2020 and the loss from discontinued operations for the comparative period of $0.7 million is attributable to the sale of CCS Group Sucursal EM Portugal [CCS Portugal] in September 2019. The loss on the sale of CCS was $0.2M for the period, which includes an adjustment to Goodwill, with an additional $0.3M of transaction related costs.
“The Company reduced its bank loan by $2.5 million and paid interest of $0.2 million in the first six months of the fiscal year from the proceeds of the sale of CCS.
“Loss attributable to shareholders of the Company was $0.3 million for the six months ended September 30, 2020 in comparison to a loss of $0.5 million for the comparative period to September 2019. Total comprehensive loss was $0.3 million for the current period compared to a comprehensive loss in the prior period of $0.4 million.
“Revenues from continuing operations were $6.4 million for the period, a $1.5 million decrease versus the comparative period. Total cost of revenue was $2.4 million, a decrease of $0.9 million; resulting in gross margin of $4.0 million compared to $4.7 million in the comparative period.
“Total operating expenses were $3.3 million for the period, a decrease of $0.9 million compared to the comparative period.
“Earnings per share from continuing operations was $0.02 per share compared to prior year of $0.04 per share. The Company did not declare or
pay dividends during the period ended September 30, 2020, as the Board of Directors considered it prudent to instead, strengthen the balance sheet and financial position of the Group.
“In light of the global Covid-19 pandemic, the Company is continuing to monitor operations and remain agile as the needs of customers evolve. The Board of Directors and Management would like thank all of the Company’s employees for all their continued hard work and dedication during these unprecedented times.
“The September 30, 2020 unaudited six-month report can be accessed on www.basg.bm.”
The management team and a board, which are managing the BAS Group, have no understanding on how a company should be managed and operated. The majority of acquisitions and new businesses within the group have failed with significant losses. If I were a shareholder, I would be asking for some serious changes to be made. Less than 10 years ago, the company was performing very well, and provided good shareholder value. BAS-Serco not too long ago was listed as 1 of the top 10 places to work, however since then a lot of former employees have left for obvious reasons.