The future of the largest undeveloped commercial property west of Hamilton remains undecided as the owner continues to evaluate its options.

In its financial results for 2004, the Bermuda Bakery Ltd ? which closed its commercial baking operations on Pitts Bay Road last June ? said that it is continuing to rent the former bakery on short-term leases as it ?evaluates its options for the future utilisation and development of the Pitts Bay Road property?.

The company yesterday reported net income for 2004 of $1.03 million compared to the previous year?s loss of $1.5 million.

Chairman of the board David A.J. White said that the Bakery Division restructuring that began in September 2003, which included the closure of the Bakery Division and the sale of some of its assets in early June 2004, has now been completed.

Before the costs associated with the closure of its bakery division, the consolidated results for 2004 show an operating net income of $135,114 compared to the previous year?s loss of $261,708.

The 2004 net income reflects the net effect of redundancy pay of $570,786, gain on sale of assets of $217,660, write-off of redundant assets and inventories of $211,014, a one-time gain of the sale of the Bank of Bermuda shares of $1,089,904, and the special dividend of $225,282 received from the Bank of Bermuda.

The company?s other holdings, including the Belvedere Building, and investments of the real estate division, continue to ?perform well? as a result of the significant improvement in the control of costs and the capital investments made to improve energy efficiency over the past two years, according to the report.

Total 2004 revenue for the company, which is listed on the Bermuda Stock Exchanges, was $2.9 million, 44 percent down on 2003 due to the closure of the Bakery Division at the beginning of June this year.

Earnings per share were $3.57 for the year 2004 compared to a loss of $5.40 per share in 2003.