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Harbor Star Shipping Services, Inc. reported a net loss of P21.88 million in the first quarter of 2024, a reversal from the P50.05 million profit in the same period last year
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Service income for the first quarter amounted to P548.74 million, 13.10% lower than the P631.45 million posted in the same period last year
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Revenues from harbor assistance, towing services, and lighterage dropped while the construction business and other marine services increased
Harbor Star Shipping Services, Inc. (HSSSI) reported a net loss of P21.88 million in the first quarter of 2024, a reversal from the P50.05 million profit in the same period last year.
Service income for the first quarter amounted to P548.74 million, 13.10% lower than the P631.45 million posted in the same period last year, HSSSI said in a regulatory disclosure.
Revenue from harbor assistance dropped 3.6% to P392.84 million from P407.66 million in the first quarter of last year.
Towing services revenues shrank 42.6% to P10.08 million from P17.57 million, while lighterage services revenues sank 73% to P9.32 million from P34.64 million.
Revenues from the construction business, on the other hand, surged 386.6% to P46.03 million from P9.45 million. Other marine services revenues also increased 39% to P18.52 million.
The solar generation business saw a 27% year-on-year drop in revenues to P42.27 million while revenues from oil spill response declined 76% to P9.99 million.
Cost of services grew 2.11% year-on-year to P410.68 million mainly due to fuel and lubricants, depreciation, personnel cost, insurance, supplies, transportation, port expense and others.
As of December 2023, HSSSI had 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.
