West Hamilton Holdings Ltd yesterday announced that its operating profit rose 35.9 percent in the first six months of the year to more than $396,682.Total revenue for the period was $1,049,431 — representing a slight decrease of 1.3 percent.In a statement, the company said the decrease was due to decreased revenue from rental income earned in the Belvedere Building as a result of lower annual rental rates and a small reduction in occupancy.However, the company said the decrease in rental income was partially offset by increased occupancy of the company’s parking facility on Pitts Bay Road.The company expects the demand for parking spaces to continue especially in 2013 when the new Waterloo building is occupied.The Bermuda Stock Exchange-listed company, which was incorporated five years ago, owns the Belvedere Building at 69 and 71 Pitts Bay Road, which is 90 percent occupied and the adjacent parking facility which is 97 percent occupied.West Hamilton intends to develop Belvedere Place, consisting of four new buildings with 105,000 square feet of office space, 40,000 square feet of residential space, 8,000 square feet of retail space and underground parking for approximately 181 cars, but put the construction on hold until the company could find tenants.The company says it saw a significant decrease in interest expense following its right offering in July 2011. A significant part of the proceeds were used to reduce West Hamilton’s long term debt.The company reported its gross debt as of June 30, 2012 was $10 million compared to $17 million in 2011.Earnings per share were 14 cents for the first half of 2012 compared to 20 cents in 2011.The company reported a total shareholders equity of $18,425,459 compared to $8,761,712 in the same period of last year.The company had a cash balance of $2,270,901 — significantly higher than a year ago.