Marine services provider Harbor Star Shipping Services, Inc. (HSSSI) posted a lower net loss of P19.337 million in the first quarter of 2020 from a loss of P82.738 million in the same period last year.
Net service income grew 36.24% in the January to March 2020 period to P371.69 million from P272.82 million year-on-year, HSSSI said in a regulatory disclosure.
Of the total net service income, 13.22% or P49.15 million accounted for revenue on generation of solar power.
Revenues from regular sources—harbor assistance, lighterage and towing services—improved 13.40% to P285.59 million in the first quarter of 2020 from P251.85 million last year.
Revenues from harbor assistance rose 8.2% to P240.004 million from P221.642 million while revenues from lighterage services went up 21% to P33.495 million from P27.7 million.
Towing services revenues jumped 381% to P12.093 million from P2.513 million.
HSSSI said it had no activity for salvage services in the first quarter with such service fortuitous in nature.
Revenues from other marine services grew 112% to P34.35 million in the first quarter of the year from P16.20 million in the same period in 2019. The increase was attributable to dredging activity entered into by the company in Tefasco Pier, Port of Davao.
Revenues from feeder services during the first quarter declined 45.50% to P2.59 million from P4.80 million last year “due to dearth in container delivery shipment from one port to another.”
Subsidiaries Harbor Star Subic Corp. and Malaysia-based Peak Flag Sdn Bdh contributed P8.77 million and P24.82 million, respectively, to total revenues.
The cost of services grew 23.57% to P298.98 million from P241.94 million on account of higher fuel costs, and increases in depreciation of water assets and solar power plant, port expenses, and taxes and licenses.
As of December 2019, HSSSI, including its domestic subsidiaries and affiliates, serviced approximately 89 ports nationwide, of which 16 are base or hub ports, and provided services to approximately 9,300 ships.
HSSSI managed a fleet of 45 domestically and internationally classed tugboats; seven barges; one landing craft tank; one cargo ship; one tanker, and one dredger by end-2019. The company has a total of 57 vessels.
