Devonshire Industries reports improved profit
Devonshire Industries Limited, the parent company of Bermuda Paint Company, made a profit of $145,555 for the year ended March 31. That was an improvement on the $123,192 net income it achieved in the previous year.
The company’s gross profit, before taking into account operating expenses and foreign exchange losses, was $1.14 million, up from $1.12 million.
However, the company said it expects the Covid-19 pandemic will have a negative impact on its operating results for the current financial year. It said it could not fully determine the impact on its future operating and financial performance as this would “depend on future developments, including the duration and spread of the outbreak, and the extent to which the Bermuda economy subsequently recovers”, but said the impact could be “potentially significant”.
The company’s operations were suspended in April during the lockdown period, and resumed later in May. It added: “Operations to date have continued at a sufficiently strong level.”