Increased revenue from new subsidiaries has improved Bermuda Press (Holdings) Ltd.'s six month net income to March 31 to $1,078,218 -- a more than 63 percent increase over the same period in 1997.

Earnings per share for the period jumped from 46 cents to 75 cents and dividends were paid out at 14 cents a share ($401,545) compared to the 1997 first six months when dividends amounted to 12 cents a share ($348,059).

President Roger Davidson, in releasing unaudited figures for the first half of the year, noted that revenue increased during the first six months of the year primarily due to sales arising in Pronto Print Ltd. and increased sales in the Office Solutions Division.

Bermuda Press acquired an 80 percent interest in Pronto Print in July 1997.

The company also owns and operates The Royal Gazette and The Mid Ocean News .

Total revenue for the six month period rose $1.2 million to $10.9 million, as net income from operations rose from $660,000 to nearly $1.1 million.

Mr. Davidson reported: "Competition to acquire, maintain or increase a share in the Bermuda marketplace has been an ongoing factor in an economy that has been struggling in some areas but has been strong in others.'' He noted the firm was directly affected by the strengths and weaknesses of both international business and tourism.

He said: "The newspaper division has maintained its market share but is very much aware of the increased competition from other media.

"The commercial printing division has fared relatively well while experiencing intense foreign and local competition in all areas of its business.'' Mr. Davidson said that although air arrivals and spending were down, the strength of the North American economy was enough to inspire local confidence.

He also stated: "Since the last report to shareholders, the company has purchased a further 22,070 of its own shares. The current market value of the shares has now increased to $11.25, compared to $10.125 at the beginning of the financial year.'' The total interest of all directors and officers of the company in the shares of the company at March 31, 1998 amounted to 145,617 shares. No rights to subscribe for shares in the company have been granted to or exercised by any director or officer.

Roger Davidson NEWSPAPERS NJ