Bermuda Aviation Services (BAS) announced net earnings of $1.2 million in the six months to the end of September.

The figure is down from $1.4 million for same period last year, which the company said was due to “delays in the commencement of large projects and economic conditions”.

The BAS group includes BAS-Serco, Weir Enterprises and Otis Elevators.

The group posted total consolidated net revenues of $26.8 million, a ten per cent decrease from the corresponding period last year.

The financial statement said that all the companies “performed well in their fields and have each surpassed the previous year’s results”.

It added: “BAS-Serco learned that the company’s longstanding contract to provide operations services at LF Wade International Airport will not be renewed past March 2016 — however, the company’s commercial services division is performing exceptionally well.”

BAS IT company CCS Group posted a ten per cent increase on its operating income for the six month period compared to last year.

The report said: “The company has recently launched new business streams to maintain a competitive edge and has opened an international office in Portugal to launch solutions and services in Europe.”

And Bermuda Energy Services Company (Besco) is expected to improve performance over the next year as several delayed projects get off the ground.

The report added: “IBC Ltd posted revenues down from the same period last year as a result falling consumer spending habits.

“Efficient Technologies Bermuda Ltd and Integrated Technology Solutions Ltd both report below expected earnings and will continue to refine their business models to achieve improved results.”

BAS president and chief executive officer Ian Cook said: “This year’s results are down slightly from the same period last year due to delays in the commencement of projects that have been awarded, as well as changes in the economic landscape.

“Overall, our group is solid and performing well. Our companies understand the value of evolving to offer products and services that are competitive in the marketplaces that we serve.

“We will continue to adapt each individual company as well as the group services model that takes advantage of the group’s synergies to benefit our customers and our shareholders.

“We look forward to the future in which we will continue to adapt and strengthen.”

BAS was founded in 1947 to provide ground services and passenger handling at the airport.

It has grown over the years into a holding company for a range of subsidiaries.