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Net income down $255k for Bahamas Property Fund

Unaudited income statements for Bahamas Property Fund Limited reveal a net income decrease of$255k year-on-year for the first nine months of 2010 despite small growth in rental revenues and other income.

Net income for the company, which invests in commercial real estate in The Bahamas, came in at$1.35 million for the nine months ended 30 September, 2010, compared to$1.60 million for the same period last year. Earnings per share fell from 66 cents for the first nine months of 2009 to 56 cents for this year’s comparable period.

Contributing to the net income was rental revenues of$3.07 million, up$45k from the same period previous year, representing an increase of 1.5 percent.

Operating expenses saw significant increase for the period, moving up$335k over same period last year. The total impact on operating expenses was an increase from$1.32 million for the first nine months of 2009 to$1.66 million same period this year, representing an increase of 25.3 percent. Although bank interest was reduced by$39k, other expenses were up$204k, and preference share dividends also rose by$170k year-on-year.

Net asset value per share decreased to$14.55 at 30 September, 2009, down from$14.61 at 30 September, 2009.

Unit price for the fund closed at$10.63 on the BISX Thursday. Representatives of the company were not available for comment on the results up to press time.

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