Bermuda Press (Holdings) Ltd’s net income grew fivefold as the company slashed expenses.Net earnings were $316,000 for the year ended September 30, 2010, or 23 cents per share, compared to $63,000, or five cents a share, in the previous year.BPH, which has media, commercial printing, retail and real estate interests, and which owns The Royal Gazette, cut expenses by $3.27 million, or almost ten percent, to $29.6 million. Payroll and employee benefit costs fell, as well as expenditure on materials and supplies.However, revenues also dipped by more than seven percent to $30.6 million, as income from the company’s publishing and retail operations and its commercial printing division fell.In a statement to shareholders in the BPH 2009/10 annual report, the company said it was “engaged in a restructuring that involves a complete review of processes, streamlining of operations and building a digital platform from which a newly energised organisation will emerge”.