BAS Group Reports Six Month Earnings

November 18, 2022

In a filing with the Bermuda Stock Exchange, Bermuda Aviation Services Limited reported net income from continuing operations of $0.8 million for the six months ended September 30th, 2022, compared to $0.7 million over the comparative period to September 2021; an increase of $0.1 million.

The filing stated, “Revenues from continuing operations were $6.5 million for the period, a $0.8 million increase versus the comparative period due to additional revenues for projects. Total cost of revenue was $2.7 million, an increase of $0.7 million; resulting in gross margin of $3.8 million compared to $3.7 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 $3.1million for the current period, which was a slight increase to the comparative period. Management continues to find efficiencies at the subsidiary level despite rising costs of operations.

“Earnings per share from continuing operations was $0.16 per share compared to prior period of $0.14 per share. The Company paid a special dividend of $0.10 per share on September 30th, 2022, which reflects the strong operating results of the Company.

“Over the past few years, the Group has continued to implement several strategies that have positively impacted the financial performance of the Company. Management continues to work closely with our clients to provide innovative and cost-effective solutions.

“The leadership team is fully committed to delivering the best financial performance possible with the goal of creating and increasing shareholder value. We would like to thank our employees for the ongoing hard work and dedication to both our clients and the Company.”

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