Rising costs due to inflation and other pressures have slashed Bermuda Aviation Services’ 2022-23 net income to $562,000 from nearly $1.2 million for the last financial year.

An impairment charge of about $800,000 (about $400,000 the prior year) on goodwill was reflected in the total comprehensive income for the period.

In a filing with the Bermuda Stock Exchange, the annual report to March 31 has reported earnings of ten cents per share and a return on shareholders' equity of 2.96 per cent.

In the report to shareholders dated September 14, chairwoman Gail E. Miller and chief executive Navdeep Dhesi said: “While we have encountered increased local competition and supply chain challenges, our focus on identifying new revenue opportunities and streamlining internal processes has allowed us to maintain a resilient performance.

“We remain dedicated to further enhancing our operational efficiencies and margin management to adapt to the ever-changing business landscape.”

They expressed the company’s gratitude to David W. Pugh for his many years on the BAS board.

Mr Pugh has just retired from the board after 12 years, the last seven of which he spent as chairman.

BAS has introduced cleaning services under the brand “Cedar Isle Cleaning” within BAS Facilities Management. The initiative is in line with the company move towards integrated facilities management.

Shareholders were told: “Our new cleaning services are designed to set new standards of cleanliness, hygiene, and efficiency and focus on sustainable practices.”

BAS, through its wholly owned subsidiary Weir Enterprises, distributes automotive parts and provides automotive services; and through BASFM provides facilities management services including elevator maintenance and installation, customised electrical, generator and fire detection solutions.