The parent company of Bermuda Paint posted an eight percent decline in its net profit in spite of a double digit increase in revenue in the first of its financial year.

Devonshire Industries said in its interim report yesterday that its revenue increased 11 percent or $174,629 to $1.7 million compared to $1.5 million for the six months to September 30, 2004.

Net income for the six-month period ending September 30, 2005 was $229,439, an eight percent decline from the same six-month period in 2004 of $248,819.

Earnings per share were 52 cents for the six-month period ending September 30, 2005 compared to 57 cents for the same period in 2004.