Polaris Reports Unaudited Financial Results

November 17, 2022

In a filing with the Bermuda Stock Exchange [BSX], Polaris announced the Unaudited Consolidated Financial Statements for the six months ended on September 30, 2022.

The full filing stated: “On November 16th, 2021, Polaris Holding Company Ltd., parent company to Stevedoring Services Limited and East End Asphalt Company Limited, reported its financial results for the six months ended September 30, 2022.

“Polaris reported profits of $261K or $0.22 per share for the six-month period, off prior year’s first half, when profits of $726K or $0.61 per share were reported.

“As a sign of Bermuda’s ongoing economic woes, twenty-foot equivalent container [TEU] movements remained stagnant, with the first half’s 17,923 TEU moves falling from the prior half’s 17,986 TEU moves. The current period’s container cargo volumes reflect down [11.7%] from fiscal 2020’s pre-pandemic first half levels.

“On the breakbulk cargo side, which includes heavy equipment imports and construction material, loose cargo coming into the island, slipped from 15,414 freight tons in the prior year, down [19.5%] to 12,408 freight tons during the six months ended September 30, 2022.

“A similar softness in the island’s construction and development was reflected from East End Asphalt, which saw an [8.9%] year over year erosion in third party asphalt sales, along with a [7.5%] slide in the division’s paving contracts.

“The Company’s weaker bottom line in fiscal 2023’s first half was the direct result of faltering volumes, a condition which is hoped to reverse as the island’s economic health improves.

“Despite losing ground, the Company continued profitable, with a solid cash position, allowing it to hold quarterly dividends at $0.10 per share, a position is does not anticipate reversing.”

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