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Bermuda Aviation Services swings to profit in fiscal year

Bermuda Aviation Services Ltd said its normalized net income for the fiscal full year ended March 31 came to 16 Bermudian cents per share, compared with a loss of 9 cents per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 785,000 dollars, compared with a loss of 453,630 dollars in the year-earlier period.

The normalized profit margin increased to 2.0% from negative 1.1% in the year-earlier period.

Total revenue fell year over year to 39.5 million dollars from 40.1 million dollars, and total operating expenses fell 6.6% from the prior-year period to 37.3 million dollars from 39.9 million dollars.

Reported net income totaled 1.6 million dollars, or 33 cents per share, compared to a loss of 602,000 dollars, or a loss of 12 cents per share, in the year-earlier period.

As of July 26, US$1 was equivalent to 1 Bermudian dollar.