BERMUDA: Daily newspaper’s parent company sees profits slashed

Dominica News Online - Friday, March 19th, 2010 at 5:17 PM

HAMILTON, Bermuda, CMC – The parent company which owns Bermuda’s only daily newspaper endured a “perfect storm” of adversity as it saw profits tumble by 96 per cent through September 2009 from US$1.78 million a year earlier to a paltry $63,000.

Bermuda Press (Holdings) Ltd. (BPH), owner of the Royal Gazette newspaper and a portfolio of other local businesses and real estate, saw its net earnings collapse through a $1.69 million loss in printing segment operations and a $1.2 million operating loss in the publishing and retail division.

Operating income of $3.14 million in the rental and other segment allowed the company to scrape a profit of five cents per share, compared to $1.29 per share in 2008.

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