Listed firm Harbor Star Shipping Services, Inc. has posted a first-quarter net income of P42.622 million, 35.47% higher than the P31.461 million a year ago, on the back of a six-fold jump in towing revenue.
Service revenue rose 31% to P270.7 million from P207 million, the company said in a disclosure to the Philippine Stock Exchange. Harbor Star offers towing, salvage and lighterage services.
Harbor Star attributed the strong first quarter to a 609% surge in its towing service revenue to P47.5 million from P6.7 million in the same period in 2013.
Revenue from its harbor assistance business also increased 1.3% to P204.847 million from P202.173 million.
However, the growth was offset by a 16% decline in its salvage income to P16.7 million from P19.8 million in 2013.
Lighterage services revenue also decreased 1.48% to P20.689 million from P21 million.
Harbor Star has a fleet of 28 vessels deployed at 12 ports, including Bataan, Batangas and Cagayan de Oro.
Photo from www.harborstar.com.ph
