Media House Ltd.'s profits dropped by about $500,000 for the six months ending March 31, 2010 as the company continued to suffer from the economic downturn.

The company's net income fell to $2.9 million during that period from $3.4 million at March 31, 2009. Its profits had previously slipped to $2.1 million at September 30, 2009.

In a letter to shareholders, MediaHouse president and CEO Randy French said: "The economic downturn continues to place downward pressure on company sales. It is felt a Caribbean economic recovery will lag any recovery seen in North American markets.

"Consistent with prior periods, the timing of revenue recognition results in proportionally more directory revenue being recognized in the opening six months of the current fiscal year versus the closing six months of the current fiscal year. Your board of directors and management believe the current accounting policy provides increased reliability and more relevant information to financial statement users."

The board declared a dividend of 50 cents per share to its shareholders of record at the close of business on February 19, 2010. The share dividend was payable on March 8, 2010.

The company, the bulk of whose revenue comes from publishing directories in the Caribbean region, also owns Island Press, the Bermuda Sun and Bermuda.com.

Subsequent to the reporting period, shareholders represented at the company's 2010 annual general meeting agreed that the shares should be delisted from the Bermuda Stock Exchange.

The effective date for the delisting will be Monday July 12, 2010. The last trading day for the company's shares will be Tuesday July 6, 2010.