Devonshire Industries Ltd’s profits plunged by two thirds during the year ended March 31, 2011 as the effects of the global recession, reduced spending and a decline in the construction industry all took hold.The company, which owns Bermuda Paint, saw its net income slip from $399,230 to $133,239 in the space of 12 months. Of that $107,000 was spent on rebranding, a new website and colour system.But net sales held up well at $3.3 million, down 1.66 percent, and net assets rose 0.85 percent to $2.7 million.Operating expenses rose 14.8 percent to $1.2 million, while dividends paid were slashed by 75 percent to $110,417 or 25 cents per share.In a letter to shareholders the company’s general manager Richard Moulder said that the company still maintained a strong cash flow and management was working hard to reduce its expenses with the new changes set to be put in place by the end of this month.He revealed that the company had been working on a number of projects with a view to moving forward, including a new colour system inspired by the colours of Bermuda, as well as categorising its branding to produce more consistent and user friendly product labels for customers.Devonshire Industries had also been developing and designing a new and up-to-date featuring a broad range of topics, increased information on products with easier navigation and has reached a deal with Valspar to supply their products on the Island, said Mr Moulder.He added that it was the board’s view that the company’s current building would not showcase the new colour system and branding effectively and the Bermuda Paint Company was planning to construct a new premises to meet those requirements at a cost of $1.65 million.“Devonshire Industries would like to offer shareholders an option to invest in the growth of the company,” he wrote.“Support from shareholders in financing the construction of the new building guarantees that we bring our vision into fruition, meet customer expectations and cement our future as a top provider of quality paint and related products in the local market.”