Dock services firm Polaris Holding Company Ltd has returned to profit after three years of restructuring. Polaris, the parent company of Stevedoring Services Ltd, announced profits of $1.38 million, or $1.16 per share, for the year ended March 31, 2016. It marks a strong turnaround after three years of losses totalling nearly $2.5 million for the company headed by chief executive officer Warren Jones.

The bulk of Polaris’ income came from Stevedoring Services, which generated $10.57 million in revenue, up by $1.35 million, or 14.6 per cent on the previous year. The company moved 34,901 20ft equivalent containers, up 5.4 per cent on the previous year and the highest number since 2011. The company attributed the increase to the island’s improving economic situation.

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