Bermuda Aviation Services Ltd and its subsidiaries have reported total comprehensive income of a little more than $1 million for the year ended March 31.

The company’s income of $1.005 million compares with comprehensive income of $562,000 in the prior year.

Companies in the BAS group include BAS Facilities Management Ltd, Otis Bermuda, Weir Enterprises and Eastbourne Properties Ltd.

Revenues from continuing operations were $12.4 million for the year, which is a decrease of $1.3 million over the prior year.

Total cost of revenue was $4.7 million, an improvement of $1.3 million, resulting in a gross margin of $7.7 million.

In an annual report filed with the Bermuda Stock Exchange, chairwoman Gail Miller and chief executive Navdeep Dhesi wrote: “This fiscal year, the group’s total operating income was $1 million, which was $0.3 million less than the prior year.

“This decline was primarily driven by increased supply-chain costs, intensified local competition and rising labour expenses. Our strategic initiatives to identify new revenue streams and optimise internal processes have been instrumental in preserving our resilience and ensuring continued success.”

They said the company’s management team is deeply committed to elevating the company’s operational efficiency and financial strength.

“A key aspect of this endeavour has been identifying elements in our cost basis that can be scaled and continuous monitoring and improvement of internal processes focusing on optimising profit margins.

“This is evidenced with an increase in earnings per share to $0.20 compared to $0.10 in the prior year and our strong balance sheet position with $11.1 million in current assets, an increase of $0.7 million. Our unwavering commitment to sound financial management continues to drive us as we strive to maximise value for our shareholders.”

The leaders said BAS has embarked on several strategic initiatives aimed at long-term growth and sustainability.

“These initiatives include expanding our product portfolio, investing in innovative technologies and exploring new markets. By diversifying our revenue streams and enhancing our capabilities, we are well positioned to capitalise on emerging opportunities and drive future growth.”

They added: “Sustainability remains at the heart of our operations. We are committed to reducing our environmental footprint and promoting responsible business practices.

“This year, we have made significant strides in implementing sustainable practices across our supply chain and operations. Our goal is to create lasting value not only for our shareholders but also for the communities we serve and the environment we depend on.”

The board of directors has approved a total dividend of $0.10 per share, which represents a dividend of $0.03 per share and a special dividend of $0.07 per share.