Bermuda Aviation Services Reports Earnings
Bermuda Aviation Services Limited reported their most recent financial results.
The full filing stated, “Bermuda Aviation Services Limited [the Company] and its subsidiaries [the Group] achieved net income from continuing operations of $1.0 million for the six months ended September 30, 2024, a substantial increase from $0.5 million for the same period in 2023. This $0.5 million growth demonstrates the success of our efforts to enhance efficiency, manage costs, and capitalize on new project opportunities.
“Revenues from continuing operations rose to $6.6 million, a $0.4 million increase over the prior year, largely due to additional revenues from key projects. The total cost of revenue remained consistent at $2.3 million, leading to a gross margin of $4.3 million, up from $3.8 million in the prior period. Despite these improvements, gross margins continue to be impacted by competitive pressures in various business lines as well as higher material and shipping costs.
“Operating expenses for the period were $3.4 million, unchanged from the prior year. Management’s ongoing focus on operational efficiencies at the subsidiary level has helped offset rising operational costs, contributing to the Group’s financial stability.
“Earnings per share from continuing operations doubled to $0.21 compared to $0.10 in the prior period. Reflecting the Company’s strong performance and commitment to shareholder returns, a special dividend of $0.10 per share was paid on October 15, 2024.
“Over recent years, the Group has undertaken several strategic initiatives to strengthen its financial foundation and drive long-term growth. These efforts include improving service delivery, optimizing operations, and collaborating with clients to provide innovative, cost-effective solutions. These strategies have positioned the Company to navigate market challenges effectively while continuing to deliver value.
“Looking ahead, the leadership team remains dedicated to achieving robust financial performance and creating sustainable shareholder value. By staying responsive to market conditions and focusing on client relationships, the Group aims to further enhance its position in the industry.
“We extend our heartfelt thanks to our employees for their unwavering dedication and hard work, which has been instrumental in achieving these results and sustaining the Company’s success.
“The financial report can be accessed on www.basg.bm.”
