MediaHouse Limited - parent company of the Bermuda Sun - made a $2.1 million profit last year.

The company announced its results for the financial year ending September 30, 2009, yesterday.

Profit is down $600,000 from the previous year.

A vote to delist from the Bermuda Stock Exchange will take place at the shareholders' meeting on April 13.

A string of companies have delisted in the past few years, including Bermuda Container Lines, SAL, Masters and Solar.

The MediaHouse group includes the Bermuda Sun, Island Press, Bermuda.com, Bermuda.com guide magazine and Global Directories.

Randy French, chairman and CEO, said in his report to shareholders that while profits are down, "current year net profit is positive considering the depressed economic condition".

He added: "The depressed market both inside and outside of Bermuda posed a substantial challenge for your management team as competition for scarce advertising dollars has never been greater.

"MHL management has had to think of new and creative ways to maintain and grow revenue while continuing to deliver first class customer service, superior products and distinctive value.

"All our economic drivers - international business, tourism and retail - experienced substantial decline during the year."

Particularly hard hit, "as businesses reined in their media expenditure", were Island Press, Bermuda.com and Bermuda.com guide.

Global Directories, Media House's Caribbean directory division, "maintained its pre-downturn sales while increasing profitability".

Mr. French added: "The Bermuda Sun Ltd held its own. Our bi-weekly newspaper, through its dedicated management and personnel, continues to deliver top stories and news Bermudians want to read.

"This fundamental strength drives the paper's circulation numbers and delivers value to its advertisers."

Mr. French said the decision to delist is "in the company's best interest".

His reasons for proposing that shareholders vote to delist include shares not being actively traded; the proposed introduction in 2011 of switching to IFRS accounting standards; the possibility of confidential information being disclosed to competitors and the company has not used the BSX to raise capital nor does it plan to do so.

The board of directors declared a dividend of $0.50 per common share to shareholders on April 14.

The firm will hold its AGM at noon on April 13 at the offices of Marshall Diel & Myers.