Polaris Release Six Month Financial Results

November 13, 2018 | 0 Comments

In a filing with the Bermuda Stock Exchange [BSX], Polaris Holding Company reported its financial results for the six months ended September 30, 2018, reporting profits of $1.01 million or $0.85 per share

A letter to shareholders stated: ”On November 13, 2018 Polaris Holding Company Ltd. parent company to Stevedoring Services Limited, reported its financial results for the six months ended September 30, 2018.

”Polaris reported profits of $1.01 million or $0.85 per share [September 30, 2017 - $1.15 million or $0.97 per share].

”Results softened from the Company’s position 12 months earlier. The prior year’s ‘America’s Cup effect’ had Stevedoring Services, like much of Bermuda, benefiting from that short-term high which swelled balance sheets and boosted the island’s pride.

“Current year’s expectations were naturally dialed back with management fully grounded in the belief that the current year would be weaker. Indeed, revenue of $6.26 million for the six months ended September 30, 2018 was down [$370K], or [5.6%] from fiscal 2018.

”But noteworthy, relative to the more normalized year before the America’s Cup phenomena, current year revenue stood 20% improved, a testimony to Polaris’ continued fiscal growth as the Company moves forward on a trajectory of hope, prosperity and resolve.

”The real success for Polaris is perhaps deeper down on the income statement. Spending year over year fell [$224K] despite inflationary cost increases, with $50K per month carved off the Company’s expense line.

“Equipment uptime, productivity, and ‘truck turns’* were each improved in fiscal 2019, while repairs and maintenance, overtime, and operating costs were all down.

”The $1.01 million six-month profit compared favorably to the $647K earned by Polaris, pre-America’s Cup, in the first half of fiscal 2017. The current pattern suggests another solid year for the Company.

”Dividends of $0.08 per share were paid to shareholders of record September 30, 2018, the thirtieth consecutive quarter shareholders received a cheque. Dividends are currently earning stakeholders a 6.5% yield.”

*The time it takes a shipper’s trucker to pick up and depart with their container.

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