Pension plan obligations dented profits at Bermuda Aviation Services Limited (BAS), with the company announcing net income of $471,000, down from $624,000 the previous year.The additional payments associated with the winding up of the firm’s defined benefit pension plan lowered profits that would otherwise have been $1.2 million, according to chief executive officer Ian Cook.The firm was also affected by slower than anticipated growth in the markets in which it operates.Earnings per share were 10 cents at the end of the company’s financial year on March 31, compared with earnings per share of 14 cents the previous year.“BAS has proven once again to be resilient, agile and confident as we faced the challenges of fiscal 2015. We entered the year anticipating a modest upturn in our markets and earnings only to experience slower growth than before,” said Mr Cook, who is also the company president.“Last year it was reported that the defined benefit pension plan was to be wound up as of March 31, 2014 whereas the actual payments and final accounting did not occur until September 2014. “As a result an additional expense of $731,000 was recognised in the current year when the pension obligations were finalised. This represents the last impact of the defined benefit pension plan that will be felt by BAS. Without this expense the BAS Group would have realised a profit of $1.2 million.”Total revenue of $53.9 million was down by approximately $2.3 million year-on-year, this was attributed to the completion of large projects during the 2014 fiscal year.The company saw its gross profit fall $760,000 to $24.4 million. Operating expenses totalled $23 million, down $1.1 million.In a statement, the company said: “Although the recessionary constraints of Bermuda’s economy have made business operations somewhat difficult, the board of directors and management are confident that the operational sustainability and profitability of the core group of companies is strong. “The diversified and complementary portfolio of businesses within the group will allow it to compete in the marketplace at a more efficient level and also create increased customer satisfaction through the ‘bundling’ of services.”The company said the launch of BAS Group Solutions had solidified its position as a “complete solutions provider not just a product and service provider”.Mr Cook said: “We are confident that the company has a solid foundation and is poised to pursue competitively any opportunities that arise. We will remain focused on our potential, delivering world-class solutions for our customers.”It was also announced that board member Alex Swan had resigned, effective from July 1. In a statement the board thanked Mr Swan for his many years of service.