Profit and net revenue have fallen at Bermuda Aviation Services Ltd in the first full year since it lost the aviation management contract for airport operations at LF Wade International Airport.

In its full-year earnings to March 31, the company reported net earnings attributable to shareholders of $784,000, compared to $2.8 million in 2016.

Net revenue was down $4.6 million year-on-year, to $34.8 million.

Ian Cook, chief executive officer, said: “While the net income for the company is down this year, we remain positive for the future with a number of new products and services in the pipeline.

“The company is solid and performing well and as a group we are making the most of the Group’s synergies and partnerships to offer the greatest benefit to our shareholders and customers.”

BAS is marking its 70th year since incorporation. It was originally created to provide ground and passenger handling at what is now LF Wade International Airport.

Today it is a total solution service company. The group includes BAS-Serco, Besco, CCS, Eastbourne Properties, Eff-Tech, ITS, Otis and Weir Enterprise.

During the last financial year it made a gross profit of $13.8 million, a decrease of $1.7 million from the prior year.

Total operating expenses were $13.4 million, a decrease of $600,000 as a result of “continued application of group synergies and management oversight”.

Equity attributable to shareholders is $26.8 million, a decrease of $200,000 from the prior year. Earnings per share were 16 cents compared with 56 cents per share for the same period in 2016.

The group said the decrease in net earnings attributable to shareholders was not unexpected as it transitioned from its traditional roots in the aviation business following the loss of the aviation management contract with the Bermuda Government Department of Airport Operations in March 2016.

Mr Cook added: “We would like to acknowledge the efforts of past and present employees who have worked so tirelessly to make the group what it is today.

“The group is operating in a challenging environment. The continued success of the group is due to the dedication, passion and hard work of our people. We would also like to thank our clients and shareholders for their continued loyalty and support.”