BAS strengthens balance sheet and increases bottom line – The Royal Gazette
Updated: 23 November 2021 at 07:57
Bermuda Aviation Services Limited and its subsidiaries reported net income from continuing operations of approximately $ 700,000 for the six-month period ended September 30, compared to $ 500,000 for the period ending September last year.
BAS is the parent company of Weir Enterprises, Otis, BAS-FM and Eastbourne Properties Limited.
The holding’s net income from continuing operations increased by around $ 200,000 despite the government-imposed intermittent shutdown of operations in 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-month period, compared to a loss of $ 0.3 million for the period ending September 2020.
Revenues from continuing operations were $ 5.7 million for the period, a decrease of $ 0.6 million from the corresponding period, due to lower revenues for new construction elevators.
Total cost of operating revenues was $ 2 million, a decrease of $ 0.3 million, resulting in gross margins of $ 3.7 million compared to $ 4 million. dollars for the comparative period.
Margins continue to be affected by competition in various lines of business and increasing costs for materials and shipping, the company said.
Total operating expenses were $ 3.1 million for the period, a decrease of $ 0.3 million from the same period last year.
After the year ended, and in an effort to strengthen the balance sheet, the company fully repaid the remaining $ 1.6 million bank loan.
Earnings per share from continuing operations was $ 0.15 per share, compared to $ 0.02 per share last year.
The company said it had neither declared nor paid dividends during the period ended September 30, with directors deeming it prudent to strengthen the group’s balance sheet and financial position instead.
BAS Group: declared no dividends for the quarter, opting instead to strengthen the group’s balance sheet and financial position (File photo)