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Hamilton, Bermuda:  16^th, November 2022 – In a filing with the Bermuda Stock Exchange (“BSX”), Polaris Holding Company Limited (Ticker: POLAR.BH) announced the Unaudited Consolidated Financial Statements for Six Months Ended September 30, 2022. The full filing stated:

 

16 November 2022

 

Polaris Holding Company Ltd.

Unaudited Consolidated Financial Statements for Six Months Ended September 30, 2022

 

On November 16th, 2021, Polaris Holding Company Ltd. (“Polaris” or the “Company”), parent company to Stevedoring Services Limited (“Stevedoring Services”) and East End Asphalt Company Limited (“East End Asphalt”), 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.

 

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 September 30, 2022 financial statements. 

 

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