Devonshire Industries Ltd, the parent company of Bermuda Paint Company Ltd, has reported a significant rise in net income year-on-year at the midpoint of fiscal year 2025.

Only days after presenting its results for the fiscal year ending March 31, 2024, to its board of directors at the company’s annual general meeting, Devonshire has filed its interim results for the six months ending September 30, 2024, with the Bermuda Stock Exchange.

The company reported net income for the half-year of $224,402, a jump of 28.55 per cent from $174,558 in the prior year period.

Net sales came in at $1,611,746, up 9.26 per cent on the previous year’s total of $1,475,193.

Operating expenses rose 8.37 per cent to $493,531 from the previous year’s total of $455,421.

Total assets at the half-year mark were $2,595,766, up 4.63 per cent over the prior year’s total of $2,480,870.

Net assets were $2,489,820, up 6.27 per cent over the prior year’s total of $2,342,940.

Devonshire Industries is primarily engaged in the management of the operating business, Bermuda Paint, which is the manufacturer and seller of paint and related products from its Watlington Road, Devonshire, premises.