-
Harbor Star Shipping returned to profitability in the first quarter with an income of P24.779 million from a loss of P21.881 million in the same quarter last year
-
Group net service income grew 15.55% to P634.09 million
-
Harbor assistance, underwater services, towing, other marine services, and oil spill response recorded higher revenues during the first quarter
Harbor Star Shipping Services, Inc. (HSSSI) returned to profitability in the first quarter of 2025 with an income of P24.779 million from a loss of P21.881 million in the same quarter last year.
Group net service income amounted to P634.09 million in the first quarter of the year, 15.55% higher than the P548.74 million net service income posted in the same quarter last year, the marine and renewable energy services provider said in a regulatory disclosure.
Harbor assistance, which accounted for 65% of the total service income, recorded a 5% increase in revenue year-on-year to P412.507 million.
Recording the biggest increase in revenue during the period were underwater services, which surged 1,737.3% to P13.304 million.
Revenue from towing services likewise soared 118.8% to P22.065 million, other marine services revenue grew 44.1% to P26.7 million, and oil spill response revenue also climbed 224% to P64.783 million.
HSSSI’s revenue from other services, such as diving, improved 375% to P42.472 million.
On the other hand, revenue from lighterage dropped 33.7% to P6.186 million, while income from solar power generation declined 36% to P27.116 million. The construction business also saw 58.8% lower revenue to P18.955 million.
The group’s cost of services for the first quarter, however, increased by 9.92% to P451.44 million mainly due to fuel and lubricants, depreciation, personnel cost, insurance, supplies, transportation, port expense and others.
As of December 2024, HSSSI, including its domestic subsidiaries and affiliates, has established operations in 11 base ports nationwide. The group maintains and manages a fleet of 51 domestically and internationally-classed tugboats; seven barges; one landing craft tank; and one dredger.
HSSSI’s subsidiaries and affiliates include Harbor Star Subic Corp., Peak Flag Sdn Bhd, Harbor Star Energy Corp., Harbor Star East Asia (Myanmar) Ltd., HSCC, and Kaibuok Star Shipyard Inc.
