Bermuda Press Holdings reports interim financial results
Bermuda Press (Holdings) Limited, the parent company of
The Royal Gazette has released its unaudited interim financial results.
The report, filed with the Bermuda Stock Exchange reports the company made a net profit in the first six months ended March 31, 2013 of $844,000 compared to a loss of $13,000 in the same period the year prior.
“The company made considerable changes to its cost base and despite a decline in revenue during the first six months of the 2013 fiscal year, we yielded a positive result for the shareholders,” the company said in its report.
While profit was up, revenue was down in the first six months of the year. The company reported revenue of $12,638,000 — down from $13,028,000 in the same period a year ago.
“It was anticipated that the group may experience a decline in revenue during 2013 due to the substantial challenges presented by the Bermudian economy. As previously reported, management’s focus has been on restructuring operations and reducing operating costs to offset the decline in revenue. While management continues to seek streams and growing new sources of revenue,” the company said in the report.
The Royal Gazette division underwent substantial work to improve its cost base and rejuvenate products to meet audience and advertiser preferences. The most significant new product introduced by
The Royal Gazette this year was the ‘Kiosk’, the platform of the new-look ‘e-edition’, an exact replica of
The Royal Gazette. This new digital platform offers several new areas for revenue growth,” the report continued.
The report stated that the company’s printing division continues to compete in an industry “significantly influenced by a decline in demand and price competition from local printers”.
The group’s investment properties however, remain the most profitable with an overall occupancy rate of 95 percent of which 66 percent is occupied by third party tenants.
Bermuda Press Holdings reported earnings per share of 61 cents, compared with a loss of 10 cents per share a year ago.
The dividend is currently being paid quarterly at a rate of 10 cents per share and the company’s board expects this rate to be maintained through the end of the fiscal year.