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Hamilton, Bermuda – 27^th, August 2021 – In a filing with the Bermuda Stock Exchange (“BSX”), Polaris Holding Company Limited (the “Company”; Ticker: POLAR.BH) reported its financial results for the year ended March 31, 2021. The full filing stated:

 

On 25th August 2021, Polaris Holding Company Ltd. (“Polaris”), parent company to Stevedoring Services Limited (“Stevedoring Services”) and East End Asphalt Company Limited (“East End Asphalt”), 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.

 

 

ABOUT POLARIS HOLDING COMPANY LTD.:

 

In addition to Stevedoring Services Limited and East End Asphalt Company Limited, Polaris Holding Company Ltd. 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 Holding Company Ltd. with consolidated results incorporated in Polaris Holding Company Ltd.’s unaudited March 31, 2021 financial statements.

 

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For more information on the Bermuda Stock Exchange (BSX), contact James Best at 1-441-292-7212 or jbest@bsx.com . Information is also available at www.bsx.com and on Bloomberg at BSX.

 

Established in 1971 the Bermuda Stock Exchange (BSX) is the leading fully electronic offshore securities market. The BSX specializes in listing and trading of capital market instruments such as equities, debt issues, funds, hedge funds, derivative warrants and Insurance Linked Securities.

 

The BSX is a full member of the World Federation of Exchanges (WFE) and is in an O.E.C.D. member nation and an affiliate member of IOSCO. The BSX is recognised by the US SEC as a Designated Offshore Securities Market. In addition, the BSX is recognized by the U.S. Securities & Exchange Commission (SEC) as a Designated Offshore Securities Market under Regulation S; The Financial Services Authority in the UK as a Designated Investment Exchange; HM Revenue & Customs in the UK as a Recognized Stock Exchange; The Bermuda Monetary Authority as a Recognised Investment Exchange; and as an Approved Stock Exchange under Australia’s Foreign Investment Funds (FIF) taxation rules; and Designated Exchange status under Canada’s Income Tax Act and is a member of America’s Central Securities Depository Association.