Bermuda Press (Holdings) Ltd has reported a half-year loss of $238,000, compared with a loss of $568,000 for the same period last year.

The parent company of The Royal Gazette expressed optimism for the future, however, noting that “while challenges persist in Bermuda’s broader economic landscape”, BPHL has made meaningful progress in stabilising operations and strengthening its financial position.

The interim report of unaudited financial matters relating to the first six months to March 31 stated: “Management continues to maximise the return on our real estate assets and to navigate our business through the challenges of the Bermuda domestic economy, a declining population, harsh inflation, and constantly evolving supply-chain challenges, most recently roiled by rising trade tariffs.”

The statement to shareholders said: “Rising material and staff costs have a direct impact on your company’s profitability.

“The real estate assets of your company have required significant capital improvement to maintain their value and high occupancy. Management is focused on delivering these capital projects in the most cost-effective manner utilising a combination of local and overseas partners.”

The statement said that changes to the board will position the company to develop business diversification and growth opportunities. Veronica Gordon was elected vice-chair and Malcolm Moseley was added as a director.

Key financial highlights for the first six months include:

• Publishing revenues for the first six months increased 5.8 per cent, or $292,000, over the prior period. The publishing unit saw improved newspaper advertising and continues to expand its digital product offerings to enhance customer and reader engagement

• Local real estate holdings saw an increase in rental revenue of 9.5 per cent, or $115,000, over the prior period. Real estate remains the company’s most profitable segment with an overall occupancy rate of 90 per cent at March 31, of which 56 per cent is third-party tenants

• Retail and office equipment revenues for the first six months decreased 11 per cent, or $163,000, over the prior period. Management continues to see reduced demand for office equipment sales and service, and in the coming months future plans for the operation will be reviewed

Bermuda Press (Holdings) returned to operating profitability for the six-month period, with an operating profit from continuing operations of $36,000, compared with an operating loss ($272,000) for the same period in 2024, an increase of $308,000.

The improvement is from increases in occupancy of tenant spaces and improved advertising revenues at The Royal Gazette.

The statement said the shift is in alignment with the board’s expectations after the exit from the declining commercial printing operations.

The company also reported it has emerged from a legal case against it “in the longstanding battle to defend media freedom in Bermuda. The settlement resulted in a one-time charge of $225,000, recorded as an extraordinary expense”.

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20250331 BSX Interim Report FY25 June 30.pdf