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Polaris Holding Company Ltd., Audited Financial Statements for the year ended March 31, 2017
Hamilton, Bermuda – 5 September 2017 – In a filing with the Bermuda Stock Exchange (“BSX”), Polaris Holding Company Limited (the “Company”; Ticker: POLAR.BH) reported its Audited Financial Statements for the year ended March 31, 2017.
On August 22, 2017 Polaris Holding Company Ltd. (“Polaris”), parent to Stevedoring Services Limited reported its financial results for the year ended March 31, 2017. The Company announced another strong year, with a 12-month profit of $1.22 million or $1.03 per share.
At the end of June 2017, Polaris’ dividends were again uplifted reflecting the Company’s stability. The current dividend rate is $0.08 per quarter per share or $0.32 per share per annum. In addition, the Company extinguished its long-term loan in fiscal 2017, with year-end financials reflecting it is now debt free.
Chairman Cheryl Hayward-Chew noted that, “In just two years Polaris reined in debt and cut spending; trimmed fat and built bridges, strengthening relations with staff, customers and other stakeholders. Polaris invested in infrastructure and training, and through mutual respect, positive reinforcement, and a creative forward-looking focus, a Company that a handful of years ago was ridiculed and written-off, has now been reinvented.”
Polaris’ stock last traded on the Bermuda Stock Exchange at $5.00 per share, a 25% premium from the value 12-months earlier.
Along with the release of its audited financial statements, the Company distributed a 52-page annual report, unveiling a detailed analysis of the year’s operations.
ABOUT POLARIS HOLDING COMPANY:
In addition to Stevedoring Services Limited, Polaris Holding Company Ltd. operates Mill Reach Holding Company Limited, which holds real estate located at Mill Reach Lane, Pembroke. It also 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 Ltd., with consolidated results incorporated in Polaris Holding Company Ltd.’s March 31, 2017 financial statements.