Polaris Holding Reports Financial Results
Polaris Holding Company reported its financial results for the year ended March 31, 2021, with the company posting losses and both Stevedoring Services and East End Asphalt reflecting deficits.
A spokesperson said, “On 25th August 2021, Polaris Holding Company Ltd., parent company to Stevedoring Services Limited and East End Asphalt Company Limited reported its financial results for the year ended March 31, 2021.
“Polaris reported losses of [$511K] or [$0.43] per share [March 31, 2020 - $168K or $0.14 per share], with both Stevedoring Services and East End Asphalt reflecting deficits. Losses were the result of the economic depression caused by Covid-19, and an associated deferment of East End Asphalt projects, with many of the division’s large contracts pushed into fiscal 2022.
“As a result of soft cargo volumes, and changes in the business model, Stevedoring Services shed over $700K in annual expenses in fiscal 2021. That shift, coupled with pent up demand and a solid pipeline of work through fiscal 2022 for East End Asphalt, should position Polaris back into profitability going forward.
“Fiscal 2021’s island wide financial collapse, and Bermuda’s slow and contorted recovery is well captured by the year over year deviations in the Country’s ocean freight container volumes.
“Stevedoring Services reflected revenue of $10.80 million for the year, down [9.0%] from prior year’s $11.87 million, with twenty-foot equivalent container volumes [“TEUs”] slipping from 37,532 in fiscal 2020, to 34,331 TEUs in fiscal 2021.
“Breakbulk cargo, which includes construction material, equipment, vehicles and other components, reflected a [15.2%] decline year over year.
“Despite the hardship, through cost containment and a growth in second half’s volumes, Stevedoring Services reflected a stable and profitable final six months. Year over year TEU and breakbulk cargo volumes grew in the second half, relative to fiscal 2020, by 5.9% and 11.4% respectively, and East End Asphalt similarly reflected second half improvement.
“Despite the year’s [$511K] loss, consolidated operating results for the six months ended March 31, 2021 reflected a $316K gain, with profitability anticipated to continue.
“In June 2021 Polaris re-established its dividends, issuing a payment of $0.08 per share to shareholders of record as at June 30, 2021.”
