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Polaris reports $1.01m profit

Half-year report: Polaris, which owns Hamilton docks operator Stevedoring Services, made a profit of just over $1 million in the six months to the end of September (Photograph supplied)

Polaris Holding Company Ltd has made a six-month profit of $1.01 million, or 85 cents per share.

That is down on the $1.15 million reported for the same period last year, when the economic stimulus associated with the island’s hosting of the America’s Cup boosted revenue for the company.

However, the six-month performance is significantly higher than the $647,000 achieved in the same period in 2016.

In a statement, Polaris said: “Results softened from the company’s position 12 months earlier. The prior year’s ‘America’s Cup effect’ had Stevedoring Services, like much of Bermuda, benefiting from that short-term high which swelled balance sheets and boosted the island’s pride.

“Current year’s expectations were naturally dialled back with management fully grounded in the belief that the current year would be weaker. Indeed, revenue of $6.26 million for the six months to the end of September was down 5.6 per cent.

But noteworthy, relative to the more normalised year before the America’s Cup phenomena, current year revenue stood 20 per cent improved, a testimony to Polaris’ continued fiscal growth as the company moves forward on a trajectory of hope, prosperity and resolve.”

The earnings report covers the period from April 1 to September 30.

In its statement, Polaris said: “Spending year over year fell ($224,00) despite inflationary cost increases, with $50,000 per month carved off the company’s expense line. Equipment uptime, productivity, and ‘truck turns’ [the time taken for shipper’s trucker to pick up and depart with their container] were each improved, while repairs and maintenance, overtime, and operating costs were all down.”

Dividends of eight cents per share were paid to shareholders of record on September 30, the 30th consecutive quarter a dividend has been paid. Dividends are currently earning stakeholders a 6.5 per cent yield.