Bermuda Press (Holdings) Ltd posted a 9.6 per cent increase in net income in its half-year report, as operating costs were reduced while revenue remained flat.

The Bermuda Stock Exchange-listed company said net income for the six months ended March 31, 2017, was $550,000, compared to $502,000 in the corresponding period a year earlier.

BPHL owns The Royal Gazette, as well as commercial printing, retail and real estate interests.

“The rising costs of healthcare, electricity and taxes continue to prove challenging; however your company’s management continues to find ways to manage and reduce operating costs,” BPHL said in its interim report to shareholders, which was filed with the BSX.

“Revenue remained flat across the group for the six months ended March 31, 2017, and this, combined with overall costs reductions, resulted in a reported improvement in profitability.”

Operating revenue for the period was $13.14 million, in line with the same period a year earlier, while basic earnings broke down to 23 cents per share, up from 20 cents per share.

BPHL highlighted the successful integration of businesses it acquired from MediaHouse three years ago — Island Press Ltd, Bermuda.com Ltd and Bermuda.com Guide Ltd — saying that the synergies achieved had boosted profitability by $135,000 over the same period a year earlier and by $585,000 from two years earlier.

Real estate holdings were the most profitable part of the group, with an occupancy rate of 98 per cent, of which 58 per cent was occupied by third-party tenants, BPHL said.

Shares of the company rose from $7.10 to $8.51 during the period, giving the company a market valuation of nearly $12.2 million. BPHL has been paying a quarterly dividend of 5 cents, representing an annual yield of 2.35 per cent at today’s share price of $8.51.

The BPHL board will “continue to review the company’s performance and the ability to increase dividend payments to shareholders”, the statement added.

And the company said no shares had been repurchased under the $1 million buyback plan announced in March last year.

The statement added some highlights for the period including progress towards the Investors in People certification, the hiring of a sales director with more than 20 years’ experience in print and digital media sales and the ongoing redesign of the eMoo website.