Listed company Harbor Star Shipping Services, Inc. posted a net income for the first six months of 2014 of P90.828 million, 76% higher than the P51.513 million posted in the same period last year.
Also reported was a 30% hike in service income to P555.7 million from P426.8 million due to a rise in service revenue.
In the second quarter alone, service income went up 30% year-on-year to P285 million from P220 million, while net income surged 141% to P68.725 million from P28.547 million.
Harbor Star attributes the income growth in the first half of the year to a whopping 593.6% year-on-year increase in revenue from its towing services, which shot up to P75.6 million from P10.9 million in the same period last year.
Income from escort services and barge repair likewise surged 521.1% to P23.6 million from P3.8 million.
Salvage and lighterage operations also improved with income growth of 89% and 23%, respectively.
However, the increases were slightly offset by a 3% decline in harbor assistance revenue, which contracted to P406.8 million in the first half from P419.8 million last year.
Harbor Star earlier said it is eyeing the expansion of its services to other countries such as Malaysia, Vietnam, Papua New Guinea and Myanmar, and is setting a capital expenditure of P180 million for 2014.
In July, the tugboat operator used P74.607 million of proceeds from its initial public offering to acquire tugboats and barges for its domestic and international operations.
Image courtesy of SOMMAI / FreeDigitalPhotos.net
