declined by $250,280 for the first half of the fiscal year ended March 31.

The company, which operates a printing operation and owns The Royal Gazette newspaper, had net income for the period of $827,112, a fall of 23 percent over the same fiscal period last year.

Earnings for the six months to March 31 1999 was 58 cents per share compared to 75 cents per share during the comparable period.

Revenue from operations increased 6.5 percent to $11.65 million.

Company president Roger Davidson attributed the decrease in net income to the hiring of new staff to "normal operating requirements'' during the period.

"The results for the second six months of the year show signs of improvement and your board is cautiously optimistic that this trend will continue,'' he stated in a letter to shareholders.

The company is also in the process of constructing an office building in the property previously used as a parking lot adjacent to The Royal Gazette building.

Since the end of the last financial year the company has bought a further 6,489 of its own shares.

BUSINESS BUC