Former Bermuda Bakery company West Hamilton Holdings made a profit of just under a quarter-of-a-million dollars in the first half of the year.

That was less than half the profit it made during the same period a year ago, but was lower because of a write down of its old Bermuda bakery assets as well as the added expense of preparing designs and documentation for a bold redevelopment of the former bakery site to a $100 million office, retail and apartment complex which is due to get underway during the opening months of 2008.

West Hamilton made a net profit of $246,968 for the six months up to June 30.

Its gross income was three percent higher than last year but the final figure takes into account a write down of the old Bermuda Bakery assets of $131,698 and $201,616 that has been spent on architectural and legal fees in relation to the forthcoming redevelopment of the bakery site on Pitts Bay Road - which was reported in The Royal Gazette last month.

The company expects its income for the second half of the year to continue to decrease as its rental income from the bakery site reduces with tenants moving out in preparation for demolition work to start in January.

It is expected the first phase of the redevelopment project, which has been granted planning approval, will be completed by late 2009.