MediaHouse reported almost $4 million in profits despite a decline in Bermuda's economy.

Yesterday the company released its directors' report for the six-month period ending March 31, 2008.

President and CEO Randy French said: "Mirroring the positive results from a year ago, the opening six months of fiscal 2008 report a profit of $3,927,764.

"As in the prior year period, the timing of revenue recognition results in proportionally more directory revenue being recognised in the opening six months of the current fiscal year versus the closing six months of the current fiscal year.

"The previous year's net income fell from $2,995,964 at March 31, 2007 to $2,529,091 at September 30, 2007.

"The board and management believe the current accounting policy provides increased reliability and more relevant information to the financial statement users."

He added that the Bermuda operations of the company, such as the Bermuda Sun and Bermuda.com, held steady during the six-month period "albeit with some decline reflecting the deteriorating conditions in the local economy".