Polaris Holdings Release Financial Results
In a filing with the Bermuda Stock Exchange [“BSX”], Polaris Holding Company Limited released the Company’s unaudited second quarter financial results for the period ending 30 September, 2014.
A letter to shareholders stated: ”On December 20, 2014 Polaris Holding Company Limited [“Polaris”], parent to Stevedoring Services Limited [“Stevedoring Services”], reported its financial results for six months ended September 30, 2014.
“Cargo volumes were up a modest 1.3% year over year, and with Stevedoring Services’ rates held at prior year levels, and a differing revenue mix, income of $4.9 million held consistent with the prior year.
“As a result of infrastructure costs and other restructuring charges, overall expenses were higher than normal patterns, but were anticipated. As Stevedoring Services continues to realign operations, there is the potential for further one off charges. The fiscal year ended March 31, 2016 is anticipated as a more robust year.
“For the period ended September 30, 2014 Polaris reported a loss of [$281,968] or [$0.23] per share.
“The interim consolidated financial statements are unaudited and should be read in conjunction with the annual consolidated financial statements for the year ended March 31, 2014, which was prepared in accordance with IFRS.”
