Masters Ltd.'s net income for 2005 rose $97,633 or just over five percent to more than $2 million as the company also celebrated the completion of its new $2.2 million warehouse at its Bulls Head site.

Chief executive officer Susan Wilson also announced in a statement that the company's board would issue an extra dividend of 20 cents per share.

Masters' net income for the year ending January 31 was $2,015,114 or $1.60 per share compared with $1,917,481 ($1.70 per share) last year. The reduction in earnings per share reflected the increased number of shares as a result of a rights issue last year.

Masters' assets rose by $3.84 million or 20 percent from $19.09 million to $22.93 million, in part because of the addition of its new warehouse.

The company also noted that its real estate holdings, which include a Front Street building, its Bulls Head site and an affiliate company which owns Clarendon House on Church Street, are recorded at written-down value based on historical cost. The company has not made any estimates on the properties' market value.

Current liabilities amounted to $1,178,105 compared with $1,110,137 a year ago.

Ms Wilson said there were provisions for possible losses on realising receivables and inventories in the company's balance sheet, adding these provisions reflected the continuing conservative attitude to the valuation of these assets by the Board of Directors.

As a result of the extra dividend, shareholders of record on June 16 will receive a 40 cent dividend on June 17, Ms Wilson said.

The company's annual general meeting will be held on June 23, 2005 at 11 a.m. at the company's headquarters at Bulls Head.