Masters Limited earnings for the year ended January 31, 2006 increased almost 25 percent to $2,455,834 compared with $2,015,114 a year earlier, according to financial statements released yesterday.

The balance sheet of Masters, which owns real estate in addition to its hardware business, also strengthened, with total assets as at January 31, 2006 amounted to $24,810,693 compared with $22,931,400 at the same time last year.

Current liabilities increased to $1,472,122 compared to $1,178,105 a year ago.

Shareholders equity has increased from $21,690,248 ($16.19 per share) to $23,338,571 ($17.42 per share), the company said.

At the meeting the board of directors agreed to pay an extra dividend in the amount of $0.25 cents per share to be included with the regular half yearly dividend in the amount of $0.20 cents per share to shareholders of record as at April 12 and payable on April 26.

The board also renewed the resolution for the company to buy back up to 100,000 of its own shares and Masters will continue to make an offer for its shares through the Bermuda Stock Exchange at prices it considers attractive.

During the year the company managed to buy back only 280 of its own shares (as compared with 11,600 the previous year).

At yesterday's meeting of the Board of Directors of Masters the board disclosed that dividends for the year amounted to $0.60 per share.