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Harbor Star Shipping Services’ profit surged 144.5% to P340.639 million in the first nine months of 2024 from P139.346 million in the same period last year
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Net service income jumped 17.3% to P2.276 billion
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Revenue from harbor assistance services, which accounted for 60% of the total service income, grew 4.4% to P1.36 billion
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Salvage, oil response, construction, underwater and other marine services revenues all recorded increases during the period
Harbor Star Shipping Services, Inc.’s (HSSSI) profit surged 144.5% to P340.639 million in the first nine months of 2024 from P139.346 million during the same period last year.
For the same period in review, net service income hit P2.276 billion, 17.3% higher than the P1.941 billion year-on-year.
Revenue from harbor assistance services, which accounted for 60% of the total service income, grew 4.4% to P1.36 billion from P1.303 billion.
Construction revenues recorded the highest increase of 659.7% to P213.62 million from P28.117 million, followed by underwater services revenue rising 279.3% to P57.591 million, and other marine services by 214.4% to P82.023 million.
Salvage revenues also improved 31.7% to P6.623 million while revenue from oil spill response was up 36.6% to P342.1 million. HSSSI last July was tapped for oil spill response and the immediate salvage of tanker M/T Terranova, which capsized and eventually submerged nearly 7 kilometers east of Lamao Point in Limay, Bataan on July 25.
READ: Harbor Star tapped for oil spill response in Bataan
Revenue from towing services, on the other hand, dropped 18.5% to P28.512 million while lighterage services revenue decreased 56.4% to P47.575 million. Revenue from solar power likewise declined 21.7% to P106.631 million.
Cost of services increased 25.7% to P1.63 billion from P1.296 billion last year.
As of December 2023, HSSSI maintained and managed a fleet of 63 vessels composed of 53 locally- and internationally-classed tugboats; seven barges; one landing craft tank; one dredger, and one other marine vessel.
It has established operations in more than 10 base ports all over the country, providing services to approximately 8,123 ships as of yearend 2023.
HSSSI’s subsidiaries and affiliates include Harbor Star Subic Corp., Peak Flag SDN BHD, Harbor Star Energy Corporation, Harbor Star East Asia (Myanmar) Limited, Harbor Star Construction Corp., Astronergy Development Gensan Inc., Astronergy Development F1, Inc., and Astronergy Development F2, Inc.
