BAS Group Reports Earnings of $2.8 Million

(Hamilton, Bermuda, December 2, 2016) – Bermuda Aviation Services Limited (the “Group” or “BAS”) today announces net earnings attributable to shareholders of $689,000 for the six months ended September 30, 2016, excluding the impact of discontinued operations of BAS-Serco’s airport contract and the sale of IBC. This is down by $117,000 for the corresponding period in 2015.
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Earnings per share were $0.20 compared with $0.24 per share for the same period in 2015.
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The Group has posted total consolidated net revenues of $18.2 million, a 10 per cent contraction from the corresponding period in 2015.
BAS-Serco Ltd. has performed well following the discontinuing of operations at the airport. Earnings were 21 per cent ahead of expected earnings for the six-month period despite revenues being 1 per cent lower than anticipated.
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Integrated Technology Solutions Ltd. revenues surpassed the expectations by 31.8 per cent, and this resulted improved earnings for the six month period.
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Weir Enterprises Ltd. and Otis Elevator Company (Bermuda) Ltd. have maintained stable financial results while continuing to provide excellent services to their customers.
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Efficient Technologies Bermuda Ltd. (Eff-Tech), revenues were 13.2 per cent lower than anticipated but earnings were significantly greater than the expectations.
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CCS Group Ltd. saw a 15 per cent decrease in revenues but is investing in new lines of business, which are expected to yield gains in the coming months.
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Bermuda Energy Services Company Ltd. (BESCO) continues to complement the Group Solutions model and earnings are expected to be moderate.
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Ian Cook, Group President and Chief Executive Officer, Bermuda Aviation Services Limited, says: “This year’s earnings are down slightly from the same period last year, due in large part to investment into new products and services and the sale of IBC.”
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“On the whole, our group is stable and performing well. As a group, we are continuing to evolve in order to maximise the group’s unique synergies, to the benefit of our customers and shareholders. We want to thank our clients and shareholders for their commitment and support over the past six months and our hardworking staff. We look forward to continuing to grow the business in new areas.”