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Harbor Star Shipping’s P420 million first-half net profit is a reversal from the P66 million net loss a year ago
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Service income grew 71.21% due to increases in incomes from the salvage, harbor assistance, underwater services, towing services, other marine services, and solar power businesses
Harbor Star Shipping Services, Inc. (HSSSI) is back in the black with a first-half net profit of P420 million, a reversal from its P66.262 million net loss in the same period last year.
The group’s service income grew 71.21% to P1.5 billion in the first six months from P874.79 million in the same period in 2021, HSSSI said in a regulatory disclosure.
READ: Harbor Star Shipping returns to profit in Q1
HSSSI said the higher service income came from its business segments that generated higher incomes during the period.
The segments and their contributions are: salvage services, P418.53 million: harbor assistance, P153.35 million; underwater services, P27.21 million; towing services, P22.04 million; other marine services, P11.80 million; and generation of solar power, P9.26 million.
The company said its total cost of services increased 27.54% to P751.98 million from P589.59 million mainly due to higher fuel and lubricant costs, depreciation, outside services, direct labor, personnel costs, transportation, direct materials and repairs and others.
As of December 2021, HSSSI had established operations in 12 base ports all over the country, providing services to 7,529 ships as of yearend 2021.
The company maintains and manages a fleet 62 vessels, composed of 50 domestically and internationally classed tugboats; eight barges; one landing craft tank; one cargo ship; one tanker, and one dredger.
HSSSI subsidiaries include Harbor Star Subic Corp.; Peak Flag; Harbor Star Energy Corp.; Harbor Star East Asia (Myanmar) Ltd.; Astronergy Development Gensan Inc.; Astronergy Development F1 Inc.; Astronergy Development F2 Inc.; and Harbor Star Construction Corp.
