first six months by 1.7 percent to $1,610,994 for Devonshire Industries Ltd., unaudited figures show.

The company declared an interim dividend of 45 cents per share for shareholders of record November 25, an increase of 28.6 percent over the interim dividend in December last year.

Net income rose 8.9 percent for the period to $323,452 or 74 cents per share, compared to $296,925 or 68 cents per share during the comparative period last year.

Devonshire Industries Ltd. president Miles Outerbridge said, "The interim six month performance may not be an indicator of our second six months performance, or our year end results.

"Operating expenses may be higher in the latter half of the year and our business is dependent on the state of the local economy.'' Mr. Outerbridge said that the higher net income was due to higher sales levels, lower operating costs and higher investment income over the period.

He said, "In fact, our improved performance came primarily from operating cost savings and investment income. The significant above average rainfall in May, August and September had an adverse affect on sales during the period.

Our selling prices, with one exception remain at March 1995 levels.

"The roof project, referred to in our July 3, 1997 letter to shareholders, has been completed and the cost was slightly lower than anticipated in our March 31, 1997 financial statements.

"The results achieved to date are due to the hard work and commitment of all of our staff, especially during the difficult time while we replaced the roof on the manufacturing area.

"The high level of customer service rendered by our staff, coupled with our superior in-house technical support, enables us to meet or exceed our clients' needs.

"We thank our customers for their continued support for locally manufactured products and on whom we are dependent for the success we have enjoyed over the past 40 years.''