Bermuda Aviation Services Reports Earnings

August 19, 2022 | 0 Comments

In a filing with the Bermuda Stock Exchange, Bermuda Aviation Services Limited Reports Earnings.

The full filing stated, “Bermuda Aviation Services Limited [the “Company”] and its subsidiaries [the “Group”] report a total comprehensive income of $1.2 million for the year ended March 31, 2022, compared to a comprehensive loss of $1.1 million in the prior year. An impairment charge of $0.4 million on goodwill was recognized during the year which is reflected in the total comprehensive income for the year.

“Revenues from continuing operations were $12.4 million for the year, which is a decrease of $0.1 million over prior year. Total cost of revenue was $4.8 million, an increase of $0.2 million; resulting in a gross margin of $7.6 million compared to $7.9 million in the prior year.

“Total operating expenses from continuing operations decreased by $0.3 million year over year. Management’s efforts to reduce operating expenses have been realised through all expense categories.

“Management has made several operational improvements which include detailed financial analysis with an emphasis on improving profit margins. The Group is committed to enhancing customers’ experiences by improving the quality of service and broadening product offerings to differentiate from our competitors. The Group is also focused on continuous training and employee engagement to create a harmonious and positive working environment for its employees.

“Total operating income for the Group is $1.6 million for the current year compared to $1.5 million in the prior year. The Group has been focusing on new revenue opportunities while realising operating efficiencies through improvements in internal processes and margin management.

“The Company is pleased to announce that the Board of Directors approved a special dividend of $0.10 per share on August 18, 2022. This dividend reflects the Company’s strong balance sheet position, while maintaining a secure financial position for the Group.

“BAS Facilities Management Ltd. [“BASFM”] has had a successful year providing facilities management services including facilities operational support and various project management services for commercial clients in Bermuda. BASFM have continued to trust its teams with the management of the facilities and to assist with ways to make their buildings more energy efficient and reduce their carbon footprint.

“Otis Elevators continues to provide comprehensive maintenance to its customers to ensure their elevators are operating in a safe and effective manner. Management is focused on proactively servicing client elevators while making recommendations to replace or upgrade these key assets when they are showing signs of aging. The company also continues to focus on training, in partnership with the Bermuda Government Department of Workforce Development.

“Weir Enterprises has performed well despite the increase in local competition and the difficultly sourcing parts in the current supply chain climate. The company remains committed to providing high quality service with excellent customer service and competitive pricing.

“Management continues to monitor operations and seek new revenue opportunities. The Company is committed to evolving with the changing needs of its customers and look for ways to increase shareholder value.

“We take this opportunity to thank management and employees across the Group who together have contributed to the successful year. We would also like to thank our clients and shareholders for their continued loyalty and trust.”

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