Bermuda Press (Holdings) Limited saw profits dip nearly 34 per cent in the first six months of the ­company's fiscal year.

For the period ending March 31, 2009, the firm made net income was $773,926 - down from $1,167,018 for the six-month period ending March 31, 2008.

The director's report ­reveals the firm has been affected by the global ­economic slowdown.

It also blames Bermuda Government withdrawing advertising from The Royal Gazette.

The report says efforts are continuing to control operating costs and the ­decline in revenue during the first half of 2009 has been partially offset by ­reductions in expenditures.

It adds that newspaper and print businesses worldwide are under pressure to modernize and the board of directors is looking at a long-term plan to ensure the firm's future success.

The report said: "A strategic review of the company and its subsidiaries was completed early into the second quarter of 2009 with the assistance of IBM.

"The board is reviewing the results of the strategic review and developing a new strategic plan for the company and its divisions."

Dividends to shareholders are being paid quarterly at a rate of 19 cents per share. This is expected to be maintained as long as satisfactory levels of profitability can be achieved. n