Cargo volumes are up year-on-year but still lag behind pre-pandemic levels, the parent company of Stevedoring Services Ltd, the docks operator, has reported.

The news came as Polaris Holding Company Ltd released its financial results for the six months ending September 30.

The company said: “As a reflection of Bermuda’s ongoing economic challenges, 20-foot equivalent container unit movements saw modest growth, with the first half’s 18,351 TEU showing an improvement from the prior half’s 17,232 TEU moves.”

However, it added: “The current period’s container cargo volumes reflect down (9.6 per cent) from fiscal 2020’s pre-pandemic first half levels.”

Polaris said: “On the break bulk cargo side, which includes heavy equipment imports and construction material, loose cargo coming into the island, slipped from 16,254 freight tonnes in the prior year, down (27 per cent) to 11,868 freight tonnes during the six months ended September 30, 2024.”

The company, which is also the parent to East End Asphalt Company Ltd, reported profits of $913,000 or $0.77 per share for the six-month period, marginally ahead of the prior year’s first half, when profits of $910,000 or $0.76 per share were reported.

“However, fiscal 2024’s first half benefited from a $601,000 gain on the sale of property. After factoring out last year’s non-operating gain, the current year reflects a stronger operating result.”

Overall, Stevedoring Services’ revenue grew by 9.2 per cent, year-over-year.

East End Asphalt reported a 73.6 per cent increase in its paving division’s revenue but experienced a 40 per cent year-over-year decline in third-party asphalt sales, resulting in the division’s overall revenue climbing 19.2 per cent, with East End profitable after six months.

Chief executive Randy Rochester said, notwithstanding the economic challenges, Polaris maintained a strong cash position, enabling it to sustain quarterly dividends at five cents per share, as it continues to reduce its debt and increase working capital.

Polaris also operates Duck’s Puddle Properties Ltd, which holds the real estate used in East End Asphalt’s operations, and Equipment Sales and Rentals Ltd, a company which owns and leases heavy operating machinery and equipment to Stevedoring Services Ltd.