Paint company’s profit edges higher
Devonshire Industries Ltd, owner of Bermuda Paint Company, saw net income edge higher in the financial year ended March 31, 2019.
In its annual report, filed with the Bermuda Stock Exchange, Devonshire said it earned net income of $123,192, up from $121,722 in the previous 12 months. The earnings broke down to 28 cents per share.
The slight profit gain was helped by a 4.1 per cent increase in revenue to $3.05 million compared to $2.93 million a year earlier.
Operating expenses rose to $1.01 million, up from $937,374 a year earlier.
Devonshire’s balance sheet showed that shareholders’ equity climbed to $2.47 million at March 31, up from $2.35 million a year earlier.
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