Polaris profit falls to $493,000

  • Polaris Holding Company Ltd, the parent of Stevedoring Services Ltd, has reported its six-month profit (File photograph)

    Polaris Holding Company Ltd, the parent of Stevedoring Services Ltd, has reported its six-month profit (File photograph)

Polaris Holding Company Ltd has reported a halving of its six-month profit to $493,000, or 40 cents per share, at the end of September.

The company is the parent of Stevedoring Services Ltd, and also East End Asphalt, which it acquired in March.

For the same six-month period last year, Polaris made a profit of $1.01 million, or 82 cents per share.

In a statement, the company said: “On March 14, Polaris acquired a faltering East End Asphalt Company Ltd and over the past six months has rehabilitated the asphalt manufacturing and paving company, returning the business to its former glory as the island’s leading paving operator.

“For East End Asphalt, the past two quarters have seen major capital investment and staffing realignment, driven by Polaris’ CEO Warren Jones, in a repeat of the skilful turnaround of Stevedoring Services’ fortunes when he was hired by the group in October 2013.”

It said Travis Gilbert was appointed general manager of East End Asphalt last month, “with the asphalt company persuasively marketing to businesses and residential customers through a strategic pricing campaign and improved level of quality and care”.

The company said its core business, Stevedoring Services, continues to benefit “from million-dollar heavy equipment purchases, telecommunication changes, training, and technological innovations introduced over the past few years, shifts which have transformed the business, as lauded by importers, the freight lines, customers, and its union and staff”.

It added: “With 53 years of service under its belt, Stevedoring Services has never been in a better place. At the end of quarter two, Stevedoring Services was invited by the Corporation of Hamilton, through a request for proposal process, to tender for the continued facilitation of the Port of Hamilton’s Cargo Dock Area.

“A positive, progressive, Bermuda company, Polaris looks forward to March 2020 when the concessionaire will be announced. Stevedoring Services seeks to continue its planned evolution as it services the Bermuda public.”

Polaris also wholly owns and operates Mill Reach Holding Company Ltd, which holds real estate located at Mill Reach Lane, Pembroke, and Equipment Sales and Rentals Ltd, which owns and leases heavy operating machinery and equipment to Stevedoring Services Ltd.

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Published Nov 15, 2019 at 8:00 am (Updated Nov 15, 2019 at 8:32 am)

Polaris profit falls to $493,000

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