or 7.4 percent to $1.49 million in the six months to September 30 compared to the same period last year.

The company, which operates as Bermuda Paint Co. Ltd., had unaudited net income of $227,156, a fall of $96,000 or 29.8 percent compared to the same period last year.

Devonshire president Miles Outerbridge blamed the revenue fall-off on construction delays, above average rainfall, and increased costs. "The interim six months performance may not be indicative of our second six months results, or our year end performance, due to the nature of our business,'' he stated in a letter to shareholders. "Certain projects which were originally scheduled to be undertaken during the first six months have been delayed and will, in all probability, fall in the second half of our financial year. In addition, above average rainfall, during five of the six months, impacted on the demand for our products.'' However, he also noted current indications are the company's year end profit will be marginally lower than that of the last financial year.

The company had earnings per share of 52 cents for the six months compared to 74 cents in the same period last year.

In the financial year ended March 31, Devonshire had a profit of $515,184 a 4.6 percent decline over the previous financial year. Mr. Outerbridge blamed above average rainfall for the decline in profits then.

Devonshire last traded at $12.75 a share on the Bermuda Stock Exchange on October 9.