Instrustries' subsidiary Bermuda Paint Company attributing their income decline directly to the closures of hotels and guesthouses.

Announcing the interim six-month financial results, Devonshire Industries said: "The closure of major hotels, smaller hotels, guesthouses and cottage colonies, has had an impact on our business.'' Revenue is down by $110,000 or 7.4 percent and net income has dropped $58,000 or 25 percent.

Devonshire Industries' president M.E.H. Outerbridge noted: "The interim six-month performance may not be indicative of our second six-month results, or our year-end performance, due to the nature of the business.'' In May Bda Paint launched a successful Millenium colour system and ACR formula.

Fiscal highlights to September 30, 1999 inlcude: Revenue of $1,382,478 compared to $1,492,272 for the same period last year; and net income of $169,298 compared to $515,184 for the same period of 1998. A 50-cent dividend per share was declared and paid.