Devonshire Industries Ltd.'s profits dropped 10.26 percent during the year ended March 31, 2010.

The company, which owns Bermuda Paint, yesterday reported a fall in net income to $399,230 this year from $444,886 in 2009.

Devonshire also posted a 6.41 percent decline in net sales from $3.6 million last year to $3.3 million in 2010, but operating expenses were down six percent at $1 million from $1.1 million the previous year.

Its net income from operations prior to discounted operations slipped 10.2 percent to $352,297 in 2010 from $392,302 last year, while dividends paid still totalled $441,675 from year to year.

Total assets climbed 6.34 percent to $3.1 million from $2.9 million over the corresponding period, however net assets dropped 1.56 percent to $2.7 million last year from $2.7 million in 2009.