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Polaris defers dividend payment

Dividend suspension: the board of Polaris, parent company of dock operator Stevedoring Services, has decided to defer payment of a dividend (File photograph)

Polaris Holding Company Ltd, which owns Hamilton docks operator Stevedoring Services Ltd, has deferred payment of dividends to shareholders.

Directors of Polaris took the unanimous decision in a board meeting yesterday, Polaris said in a regulatory filing with the Bermuda Stock Exchange today.

Polaris stated: “With second-quarter outcomes even lower than projected, particularly in Stevedoring Services Ltd, the board agreed to continue to defer the dividends and continue its ongoing evaluation of the impact of Covid-19 during this fiscal year.”

Cargoes coming through the docks have slumped during the pandemic, hitting Polaris’s revenues.

Last month, the company announced a half-year loss of $727,000, as Stevedoring’s revenue fell by nearly $1.5 million, or 23 per cent, during the six months.

Polaris has said it aims to streamline its spending by 30 per cent by next year, primarily through the attrition of retiring staff.

Polaris, whose share price on the BSX was $8.95 today, last paid a quarterly dividend in March this year, when shareholders received eight cents per share.

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Published December 10, 2020 at 1:15 pm (Updated December 10, 2020 at 1:14 pm)

Polaris defers dividend payment

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