Paint company’s profit edges higher

  • Profit achieved: Devonshire Industries owns Bermuda Paint Company (File photograph)

    Profit achieved: Devonshire Industries owns Bermuda Paint Company (File photograph)

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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Published Oct 11, 2019 at 8:00 am (Updated Oct 10, 2019 at 8:05 pm)

Paint company’s profit edges higher

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