profits of $843,654 on revenues of $12,281,857 for the year to June 30.

Shareholders can expect dividends of $0.48 a share to be paid out by the publicly traded company in semi-annual instalments, the first of which occurs on December 30.

In the six months to the end of June 1993, Business Systems Ltd. reported revenues of $4,306,718 and a net profit of $189,150, as described in the prospectus of the BSL Holdings' IPO (initial public offering).

The company said revenue in fiscal 1994 has increased 42 percent when compared to the annualised six month result in 1993, and on the same basis, combined profit has increased 223 percent.

Mr. Nicholas Weare, president and CEO of BSL Holdings Ltd. said he was pleased with the results, which show a continued strengthening of the company's services business and an increase in revenues from the company's personal computer and networks business of $1,000,000.

Mr. Weare said, "One thing though, the sale of personal computers is not that profitable. And it may well be that for every hundred dollars of PCs that you sell, there are direct costs of something like $90. For some parts it's less, and some parts it's more. There is a significant cost of sales element to much of the business.

"But we believe that there is a significant upside opportunity in the future for our group of companies.'' The company has just won approval from the Bahamas Government to conclude an agreement to acquire a majority interest in Digital Systems Bahamas Ltd. The purchase is expected to go ahead in the second quarter of its current fiscal year.

BSL said the acquisition would further strengthen its position by generating foreign currency earnings and increased profitability. The company is also actively exploring opportunities for expansion elsewhere in the Caribbean, enabling it to leverage the success of its existing operations.

Mr. Weare said interest in its Internet services provided by BSL Holdings' subsidiary, Internet Bermuda Ltd. is at an all time high and the company has initiated plans to accelerate the introduction of services to meet the needs of home users and small business.

Mr. Weare said, "There is strong demand for communications services that will enable companies to control communications cost while at the same enhance their ability to communicate between client and service provider both locally and overseas.'' BSL Holdings Ltd. last traded on September 22 at $8.25, after an earlier high of $9.