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Harbor Star Shipping Services posted a 90% increase in profit for the first half of the year to P259.663 million
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Service income for the first semester hit P1.391 billion, 6.7% higher from the P1.303 billion recorded in the same period last year
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Revenue from harbor assistance, which contributed the most to the total, grew 10% to P922.530 million
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Revenue from the construction business, underwater services, and other marine services improved during the period but revenue from other services, such as towing and lighterage, declined
Harbor Star Shipping Services, Inc.’s (HSSSI) first-half profit jumped 90% to P259.663 million from P136.472 million in the same period last year.
Service income for the first semester hit P1.391 billion, 6.7% higher from the P1.303 billion recorded in the same period last year, HSSSI said in a regulatory disclosure.
Revenue from harbor assistance, which contributed the most to the total, grew 10% to P922.530 million from P839.1 million.Revenue from the construction business also surged 443.2% to P111.112 million while underwater services climbed 21% to P36.790 million. Other marine services also improved 147% to P49.391 million.
Revenue from the solar power business, on the other hand, dropped 6.4% to P106.631 million.
Towing services revenue declined 10% to P25.658 million while lighterage revenue was down 61.9% to P30.105 million.
Salvage income fell 83.3% to P840,071 while revenue from oil spill response shrank 46% to P90.230 million.
Cost of services increased 17.6% in the first half of the year to P988.128 million from P840.142 million in the same period last year. General and administrative costs, on another note, dropped 10% to P197.6 million from P219.549 million.
As of December 2023, HSSSI maintained and managed a fleet of 63 vessels composed of 53 domestically 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 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.
