Devonshire Industries Ltd. saw its profits fall 1.32 percent to $286,326 for the six months ending September 30, 2008 from $290,170 for the same period last year.

The paints manufacturer and owner of the Bermuda Paint Company reported a 4.79 percent fall in operating expenses from $595,349 to $566,836 over the period.

Net sales rose to $1.9 million from $1.85 million (up 5.32 percent) and in total assets from $2.98 million to $3 million (up 1.8 percent).

The company cut dividends paid out by nearly 50 percent from $438,000 to $220,838.