A diversification strategy paid off for BAS yesterday when the company released six month results yesterday showing the company had posted an operating profit of $2.5 million from continuing operations ? up 73 percent from the same period a year ago.

And earnings for the remaining six months of this financial year are expected to improve significantly for the group.

"The results should clearly indicate that the future is very bright for our company and that our earnings growth prospects have never been stronger," BAS chairman Michael Darling said.

Net income at $1.9 million or $1.77 per share was 70 percent higher. Both are record results for any six month period in the company's history, Mr. Darling added.

BAS has bought a bakery, a car parts business and a courier service in the last few years, adding to its bottom line as its core airline and airport service businesses have been hit by the financial troubles of the airline industry.

The results also showed that revenue during the period increased 119 percent to $18.2 million while expenses rose 129 percent to $15.7 million.

BAS shares traded at an all time high of $14 in the period. On Friday, shareholders approved an increase in the authorised share capital of the company and voted to approve a 2.4 for 1 stock-split.

"Our growth and size has encouraged BAS to undertake several initiatives to modernise the way we conduct our business," Mr. Darling said.

"The increase in the share capital is important as it presents the opportunity to use those shares for strategic purposes and if appropriate to reward our shareholders. The present structure of shares does not provide for us to do this."

The Bermuda Stock Exchange lifted the current trading suspension of the listed securities of BAS at the opening of the market yesterday.

"Fiscal discipline has produced excellent results across all of our companies," Mr. Darling said.

"Whilst Weir Enterprise, International Bonded Couriers (IBC) Limited and BAS-SERCO were ahead of plan, Aircraft Services Bermuda Limited (ASB) and Crow Lane Bakery could only meet the plan."

Mr. Darling said in the case of ASB this was due to the state of the airline industry where at least half the major carriers that serve Bermuda have been under bankruptcy protection at some time during this period.

"That is a situation that requires careful consideration as failure to secure additional revenue to cover our escalating costs will have a profound on ASB's profitability."

"In the case of Crow Lane Bakery we have experienced higher costs due to electricity, fuel and ingredients which all increased over our estimates."