Profits up but company reports flat rental revenue
Local real estate development company West Hamilton Holdings Ltd. reported its half-year revenue rose more than 9 percent- mostly on earnings from its parking lot at the old Bermuda Bakery site on Pitts Bay Road.Operating income for the six months of fiscal year 2011 increased by $8, 657 to $500,275 over the same period in 2010.“In six months of fiscal year 2011, revenues totalled $1,063,745, representing an increase of 9.1 percent in comparison to the previous period mostly due to additional revenue from the parking facility,” the company said.“Revenue from rental office space remains flat and leases for all available spaces expires on a staggered basis over the next two years. The company continues to enjoy near full occupancy which we believe will persist.”Earnings per share were 20 cents for the period as compared to 25 cents per share in 2010.Dividends paid in prior years were suspended while the development of Belvedere Place was in progress.West Hamilton completed work on the first phase of Belvedere Place comprising two levels of parking, but the company put the construction of four planned office buildings on hold until it finds a tenant.