Bermuda Aviation Services Group Earnings

November 23, 2021 | 0 Comments

In a filing with the Bermuda Stock Exchange, Bermuda Aviation Services Limited, reported earnings for the six months ended 30th, September 2021.

The full filing stated, “Bermuda Aviation Services Limited [the Company] and its subsidiaries [the Group] reported net income from continuing operations of $0.7 million for the six months ended September 30, 2021, compared to $0.5 million over the comparative period to September 2020; an increase of $0.2 million.

“The Company’s net income from continuing operations has increased despite the intermittent government-imposed shutdown of operations of certain sectors of the economy due to Covid-19.

“Total comprehensive income attributable to shareholders of the Company was $0.7 million for the six months ended September 30, 2021, in comparison to a loss of $0.3 million for the comparative period to September 2020.

“Revenues from continuing operations were $5.7 million for the period, a $0.6 million decrease versus the comparative period, due to lower revenues for new construction elevators.

“Total cost of revenue was $2.0 million, a decrease of $0.3 million, resulting in gross margin of $3.7 million compared to $4.0 million in the comparative period. Margins are continuing to be affected by competition across various business lines and increasing costs of materials and shipping.

“Total operating expenses were $3.1 million for the period, a decrease of $0.3 million compared to the comparative period. Management has reduced expenses throughout the Group and continues to find efficiencies at the subsidiary level.

“Subsequent to the year end and in an effort to strengthen the balance sheet, the Company has fully paid off the remaining bank loan of $1.6 million. Earnings per share from continuing operations was $0.15 per share compared to prior year of $0.02 per share. The Company did not declare or pay dividends during the period ended September 30, 2021, as the Board of Directors considered it prudent to instead strengthen the balance sheet and financial position of the Group.

“Our priority during the global Covid-19 pandemic was to ensure the safety and health of our staff, while continuing to provide excellent service to our customers. The Company continues to monitor the operations of the group and to support our customers through the effects of Covid-19. 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.”

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