BELIZE CITY, Belize, Sept. 9 /PRNewswire/ -- BHI Corporation
(Nasdaq: BHIKF), a corporation operating financial and other service
businesses in Central America and the Caribbean, reported net income of $4.9m
for the three months ended July 31, 1997, an increase of 18.9% over the same
period last year.  Earnings per share was $0.68.
    BHI's balance sheet at July 31, 1997 continues to strengthen with net
assets per share of $13.11 and gearing remains minimal at 8%.
    Commenting on the results, BHI's Chief Executive Officer, Allan Forrest,
said, "BHI's core financial services business had good growth in the first
quarter and the expansion of our international financial services operations
is ongoing.  BHI's equity investments are performing up to expectations and we
continue to review opportunities for expansion in our areas of primary
interest including financial services, telecommunications, private power
generation and agro-processing."
    "We expect growth in earnings of the group through fiscal 1998 to follow
previous trends of increasing quarter by quarter and performance is on track
to meet our goal of earnings per share growth of approximately 20% for fiscal
1998."

    Financial Services
    The Bank saw continued growth in both lending and non-interest income from
fees and services in the first quarter.
    The international financial services sector enjoyed good growth as the
number of US dollar accounts continues to increase.  Company and ship
registration services maintained strong growth rates during the quarter: the
numbers of companies and ships registered as of July 31, 1997 totals 5,571 and
2,031 respectively, up from 5,241 and 1,857 at April 30, 1997.

    Equity Investments
    BHI's equity investments include the following holdings:  26% of Belize
Telecommunications Limited (BTL); 23% of Energia Global, Inc. (EGI) and 20% of
Belize Electricity Limited (BEL) in energy; and 23% of NUMAR and 27% of Belize
Food Holdings Limited in agro-processing and distribution.

    Telecommunications
    Belize Telecommunications is performing in line with expectations driven
by strong growth in cellular and other new services.  The recently implemented
tariff rebalancing has had a positive effect with an increase in long distance
and international call volume being realized.
    BTL is evaluating certain possibilities that could lead to providing
services to neighboring countries in their border regions with Belize, which
if successful, will have a positive effect on BTL's development.

    Energy
    Belize Electricity has performed in line with expectations.  The recently
implemented tariff rebalancing has contributed to an increase in new customers
and power generated.  The key to further growth in earnings for BEL is the
completion of the Power II Project linking low cost Mexican supply into the
Belize grid.  This is on target for completion in mid 1998.
    Highlights of the period for EGI include a stronger than budgeted revenue
flow from the 16MW Don Pedro hydroelectric plant in Costa Rica; completion of
the main water access tunnel, the most difficult section of the construction
of the Rio Volcan hydroelectric plant, also in Costa Rica; and the signing of
an agreement with strategic partners in Guatemala to study development of two
new generation projects in that country.

    Agro-processing and distribution
    NUMAR continued to perform as planned with steady sales in the domestic
market, good growth in the export of refined bulk palm oil and strong growth
in the export of African palm seeds.

    Other services
    Construction and Civil Engineering performance at Johnston International
is still slightly below expectations, but the forecast earnings stream from
the cruise port project in the Bahamas and the second phase of the Eastern
Caribbean Central Bank is expected to lead to improved performance as the
fiscal year develops.
    Hadsphaltic continues to perform strongly in the Cayman Islands and is
busy with the construction of the superstructure for Hyatt Hotels new
development of a luxury 53 suite hotel on Seven Mile Beach and the Pedro
Castle visitors center, restaurant and theater for the Cayman Islands'
government.
    BHI Corporation is focused on growth opportunities in the emerging markets
of Central America, and offers investors a unique opportunity to participate
in the region's growth.  The Company operates financial and other service
businesses and also makes investments in growth industries including
telecommunications, energy and agro-processing and distribution, taking
advantage of the Region's increasing political stability, growing commercial
integration, and emphasis on privatization.

    BHI prepares its financial statements in US dollars and in accordance with
US GAAP.

    Forward-Looking Statement
    Certain statements in this press release constitute "forward-looking
statements" within the meaning of the Private Securities Litigation Reform Act
of 1995.  In particular, statements contained herein regarding expectations
with respect to future revenue and business expansion, are subject to known
and unknown risks, uncertainties and contingencies, many of which are beyond
the control of BHI, which may cause actual results, performance or
achievements to differ materially from anticipated results, including, among
others, overall economic and business conditions, the demand for BHI's
services, competitive factors, regulatory approvals and the uncertainty of
consummation of future acquisitions.  Additional factors which may affect
BHI's business and performance are set forth in BHI's filings with the
Securities and Exchange Commission.

    Visit BHI on the Web at http://www.bhicorp.com

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