construction boom in the last fiscal year.

The just-released figures for the company's wholly-owned subsidiary Bermuda Paint Company Ltd. show net income dropped from $515,184 in the previous year to $457,606 in the year ended March 31, 1999.

Net revenue from the company's operations fell 14.3 percent to just $354,228 from $413,377.

But general manager John Carey said earnings improved in the second six months of the year, reducing the company's mid-year deficit of $96,000 to $58,000 at year-end.

He said Bermuda Paint company had recently introduced a "new, latest technology, interior/exterior acrylic paint'' with a new colour system dubbed Millennium which was considered the "benchmark in the industry''.

"Initial public acceptance of the new colour system and the new paint has been most positive,'' he said.

Devonshire Industries paid $1 dividend per share compared to just 95 cents in the previous year.

While earnings per share were down to $1.03 from $1.18 a year ago, the book value per share improved to $7.54 from $7.26 over the same time frame.

Net assets remained steady at $3.3 million.