Bermuda Bakery Ltd.'s profits for the first nine months of the year dropped $42,677 or 8.2 percent, the company reported yesterday.

Bermuda Bakery chairman James Pearman said the unaudited results for the nine months to September 30 showed that the company, which has a commercial bakery division and a property division, had a net profit of $473,738 or $1.65 per share compared to $516,415 or $1.81 per share for the same period in 2001.

Mr. Pearman said the rental division continued to perform as expected through the third quarter "with overall division profits reflecting a solid tenant base and continuing cost controls"

He did not go into detail on the performance of the bakery division, which had showed a loss through the first half of the year. Mr. Pearman said total revenue from both divisions for the nine month period was $4.5 Million, 1.9 percent less than the same period of 2001.

He said operating expenses were lower by 1.2 percent in this same period.

Mr. Pearman also said the company's buildings, which include the Belvedere Building on Pitts Bay Road, had recently had a modern electrical distribution system and new power supply transformer installed.

"The completion of this project brings state of the art power supply to the tenants and was completed with no disruption to any office work schedule," he said.