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Harbor Star Shipping Services, Inc. reported a profit of P86.371 million in the first nine months of 2025, down 74.6% from the P340.639 million profit in the same period last year
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The group’s service income for the nine-month period was also 7.5% lower at P2.106 billion from P2.276 billion last year
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Harbor assistance, which recorded the highest service income during the period, saw a 4.6% drop in revenue to P1.298 billion
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Most segments, including lighterage, salvage, and towing recorded increases in revenue while oil spill response, construction, and other marine services saw declines
Harbor Star Shipping Services, Inc. (HSSSI) reported a profit of P86.371 million in the first nine months of 2025, down 74.6% from the P340.639 million profit in the same period last year.
The group’s service income for the nine-month period was also 7.5% lower at P2.106 billion from P2.276 billion last year, HSSSI said in a regulatory disclosure.
Harbor assistance, which recorded the highest service income during the period, saw a 4.6% drop in revenue to P1.298 billion from P1.36 billion last year.
Revenue from oil spill response likewise declined 49.3% to P173.567 million while revenue from the construction business slipped 57.9% to P89.95 million. Revenue from other marine services also dropped 84.6% to P12.639 million.
Salvage income, on the other hand, saw a whopping increase of 1,214% year-on-year to P87.056 million while towing revenue grew 47% year-on-year to P41.956 million.
Lighterage revenue rose 73.4% to P82.487 million while revenue from the generation of solar power also slightly improved by 0.8% to P107.457 million.
Underwater services registered a 154.5% increase in revenue to P146.578 million while revenue for other services grew 109.7% to P66.647 million.
Cost of services declined 7.8% during the first nine months to P1.503 billion from P1.63 billion in the same period last year.
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 associates include Harbor Star Subic Corp., Peak Flag Sdn Bhd, Harbor Star Energy Corp., Harbor Star East Asia (Myanmar) Ltd., Harbor Star Construction Company, Kaibuok Star Shipyard Inc., Great Eastern Tug Corp., and Hi-Energy Marine Services Inc.
READ: Harbor Star rebounds with P24.8M profit in Q1 2025
