Updated: Nov 16, 2022 07:22 PM
Profits down: Polaris Holding Company, which owns Stevedoring Services, recorded a reduced profit for the six months ended September 30 (File photograph)
Bermuda’s fragile economic state is reflected in the latest consolidated financial statements released by Polaris Holding Company Limited, the organisation said.
In a filing with the Bermuda Stock Exchange, Polaris — the parent company to Stevedoring Services Limited and East End Asphalt Company Limited — reported profits of $261,000 for the six-month period ending September 30.
That was off the prior year’s first half, when profits of $726,000 were reported.
The company wrote: “As a sign of Bermuda’s ongoing economic woes, 20ft-equivalent container 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 per cent) from fiscal 2020s pre-pandemic first-half levels.
“On the break bulk 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 per cent) 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 per cent) year-over-year erosion in third-party asphalt sales, along with a (7.5 per cent) 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 it does not anticipate reversing.”
In addition to Stevedoring Services and East End Asphalt, Polaris operates Mill Reach Holding Company Limited, which holds real estate located at Mill Reach Lane, Pembroke.
It also operates Equipment Sales and Rentals Limited, a company which owns and leases heavy operating machinery and equipment to Stevedoring Services Limited.
All entities are wholly owned by Polaris, with consolidated results incorporated in the company’s unaudited September 30 financial statements.
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