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West Hamilton Holdings Limited Announces Interim Financial Results
Hamilton, Bermuda, October 17, 2007 - West Hamilton Holdings Limited today announced its six month Interim Financial Results for period January 1st to June 30th, 2007.
Gross income for the period was 3 percent better than last year, which is consistent with the annual increase in rents charged to tenants. However, rental income will decrease in the second half of 2007 because tenants occupying the old Bakery site will vacate during this period in preparation for the demolition of the old Bakery building scheduled for January 2008.
The un-audited Net Income for the six months ended 30th June 2007 was $246,968 compared to $ 576,132 for the same period last year. The decline in net income was mostly related to the write down of the old Bermuda Bakery assets by $131,698 and architectural and legal fees of $201, 616 for the planned development.
The company has received planning permission in principle for the development of the complex and the first phase of the development will start in January 2008 with an expected completion date of late 2009.
2007 2006
Total Revenue $1,305,254 $1,263,195
Operating Income $ 303,126 $ 490,049
Net Income $ 246,968 $ 576,132
Earnings Per Share $ 0.86 $ 2.00
David A.J.G. White
Chairman of the Board