Bermuda Press (Holdings) Ltd made a profit of $285,000 in the first six months of its fiscal year — down from $1.42 million a year earlier.

The company, which owns The Royal Gazette, as well as commercial printing, real estate and retail interests, said the decrease in profitability is the result of a year-on-year decline of operating revenues of $1.95 million in the half-year ended on March 31, 2019.

In its interim report, the company stated that “management is working tirelessly to find operating efficiencies and ways to further reduce operating costs to offset the most recent slowdown in the economy. Year to date, management have reduced costs by $852,000, as compared to the same six-month period last year”.

The company said its publishing and retail division saw a $1.58 million, or 17 per cent, decrease “as a result of a slowdown in the Bermuda economy and changing consumer behaviours”.

There was also a 16 per cent decrease in rental revenue, and a 4 per cent decrease in commercial printing revenue.

Operating revenue was $11.22 million.

In its report, the company stated it had made the “difficult decision” in 2018 to exit the commercial stationary supply business, and that the management and board continued to review operating results of all divisions to ensure that loss-making businesses are not being funded at the expense of shareholders.

Basic earnings per share for the six months were 20 cents, down from 85 cents in the previous year. BPHL said its real estate holdings remained the most profitable segment with an overall occupancy rate of 96 per cent, with 57 per cent occupied by third-party tenants.

Highlights for the period included the acquisition of a 20 per cent minority interest in Crown House Properties, which means BPHL now owns 100 per cent of the company. While The Royal Gazette has launched video product to enhance customer engagement.

The company stated that renovation work on a floor of Crown House had been completed in a short timeframe to ensure a new tenant could take possession on June 1, while renovation work has been carried out on the vacant second floor space of the Roger Davidson Building to make it ready for market on July 1.

Bermuda Stock Exchange-listed BPHL saw its share price rise from $6.15 to $7 during the six-month period. The company has continued to pay a dividend of seven cents per share for the quarter ended March 31.

The report also highlighted the company’s sponsorship roles in the MS Amlin ITU World Triathlon Bermuda, Bermuda International Film Festival, Bermuda End-to-End and the Bermuda Festival.

It added that supplying the signage and branding solutions for ITU event had reinforced Bermuda Press Digital “as a key player in the sign-printing and solutions business in Bermuda”.

The board of directors acknowledged and thanked BPHL’s employees “for their commitment, hard work and dedication”.