Polaris defers dividend payment – The Royal Gazette | Bermuda News, Business, Sports, Events, & Community

Log In

Reset Password
BERMUDA | RSS

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.

You must be registered or signed-in to post comment or to vote.

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

Polaris defers dividend payment

What you
Need to
Know
1. For a smooth experience with our commenting system we recommend that you use Internet Explorer 10 or higher, Firefox or Chrome Browsers. Additionally please clear both your browser's cache and cookies - How do I clear my cache and cookies?
2. Please respect the use of this community forum and its users.
3. Any poster that insults, threatens or verbally abuses another member, uses defamatory language, or deliberately disrupts discussions will be banned.
4. Users who violate the Terms of Service or any commenting rules will be banned.
5. Please stay on topic. "Trolling" to incite emotional responses and disrupt conversations will be deleted.
6. To understand further what is and isn't allowed and the actions we may take, please read our Terms of Service
7. To report breaches of the Terms of Service use the flag icon