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Polaris Announces Q2 2015 Financial Results
Hamilton, Bermuda – 06 January, 2015 – In a filing with the Bermuda Stock Exchange (“BSX”), Polaris Holding Company Limited (the “Company”; Ticker: POLAR.BH) released the Company’s unaudited second quarter financial results for the period ending 30 September, 2014. A letter to shareholders stated:
" On December 20, 2014 Polaris Holding Company Limited (“Polaris”), parent to Stevedoring Services Limited (“Stevedoring Services”), reported its financial results for six months ended September 30, 2014.
Cargo volumes were up a modest 1.3% year over year, and with Stevedoring Services’ rates held at prior year levels, and a differing revenue mix, income of $4.9 million held consistent with the prior year.
As a result of infrastructure costs and other restructuring charges, overall expenses were higher than normal patterns, but were anticipated. As Stevedoring Services continues to realign operations, there is the potential for further one off charges. The fiscal year ended March 31, 2016 is anticipated as a more robust year.
For the period ended September 30, 2014 Polaris reported a loss of ($281,968) or ($0.23) per share.
The interim consolidated financial statements are unaudited and should be read in conjunction with the annual consolidated financial statements for the year ended March 31, 2014, which was prepared in accordance with IFRS.
Mrs. Cheryl Hayward-Chew
Chairman of the Board”
-ends-
Editor Notes
In addition to Stevedoring Services Limited, Polaris Holding Company Limited operates Mill Reach Holding Company Limited, a company which holds real estate located at Mill Reach Lane, Pembroke, and it operates Equipment Sales and Rental 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 Limited with consolidated results incorporated in Polaris Holding Company Limited’s March 31, 2014 financial statements.
For further information about this release and the Polaris Holding Company Limited, visit www.stevedoring.bm
Contact:
Laura Martin-Stout
Corporate Administration Manager
Stevedoring Services Ltd.
P.O. Box HM 377
Hamilton HM BX, Bermuda
Tel: (441) 292-3366 ext 202