Devonshire Industries Ltd. saw its profits drop almost five percent during the six months through September last year.

The company, which owns Bermuda Paint, made $272,671 in net income during the period, compared to $286,326 during the same period in 2008.

It also revealed that net sales were also down 8.8 percent to $1.8 million from $1.9 million over the same period.

But operating expense was cut by 8.14 percent to $520,669 in 2009 from $566,836 in 2008.

Net revenue from operations prior to discounted operations also dipped 4.36 percent to $250,449 from $261,855 during the same time frame, as did other income by 9.19 percent to $22,222 from $24,471.

Earnings per share slipped 14.29 percent, while dividends paid and dividends per share remained the same at $ 220,838 and 50 cents respectively.

Total assets declined by 1.92 percent to $2.98 million from $3 million, and net assets were down 2.5 percent at $2.8 million from $2.9 million.