Bermuda Press Holdings made a $316,000 profit last year — up more than a quarter of a million from the previous year.

The company — owner of The Royal Gazette — saw earning soar from its $63,000 profit in 2009.

The company’s rental division enjoyed profits of $3.06 million but the print division made a $1.33 million loss and the publishing and retail sector suffered a $648,000 loss.

Bermuda Press Holdings also owns the Bermuda Press Ltd, Stationary Store, Artcetera, Office Solutions, Crown House Properties, Pronto Press, Engravers, Chameleion Print Express, APS and the Bermuda Communications Directory, plus it has a 25.25 per cent share of E-Moo.

In a letter to shareholders, president Christopher Whittle and vice-president Michael King said: “A few years ago, management of your company was heavily focused on diversification, adding real estate and other interests to the portfolio.

“That proved to be a wise decision and enabled us to build a company able to withstanding the differing business cycles that occur in various market sectors.

“On that base, we have built an organization that is withstanding what may prove to be the deepest economic downturn in Bermuda’s history.”

The letter said the company had taken a “painstaking review” of all operations and the best way forward was to recast the organization “to reflect the changing economic conditions around us”.

The largest change was restructuring the Bermuda Press, which saw about half the jobs lost.

The letter says: “Had we not acted, Bermuda Press faced an uncertain and difficult future. Our actions, we believe, have resulted in a leaner and more sustainable operation.”