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Harbor Star Shipping Services posted a net income of P10.5 million in 2022, its first since 2019, rebounding from a P158-million net loss in 2021
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The turnaround was attributed to a 41.4% growth in consolidated service income as most services recorded increases
Harbor Star Shipping Services Inc. (HSSSI) posted a net profit of P10.5 million in 2022, its first since 2019, rebounding from a P158-million net loss in 2021
HSSSI attributed the turnaround to a 41.4% growth in consolidated service income to P2.7 billion in 2022 from P1.91 billion in 2021, the marine services provider said in a regulatory disclosure.
The major contributor to the improvement was salvage income, which jumped 80.9% to P471 million from P260.4 million due to some salvage projects during the year.
Profit from harbor assistance, such as helping ships and other watercraft dock and undock at ports, surged 38.6% to P1.54 billion from P1.11 billion.
Income from towing services likewise rose 18% to P50.58 million from P24.31 million while income from other services soared 310% to P133.80 million from P32.64 million.
Lighterage services income rose 7.3% to P118.83 million from P110.74 million while revenue from solar power generation increased 7.5% to P324.36 million from P301.64 million.
Cost of services gained 20.5% to P1.65 billion from P1.366.2 billion, mainly due to higher costs of fuel and lubricants, charter hire, repairs and maintenance, taxes and licenses, transportation and travel, communication, light and water, insurance and supplies and construction supplies.
HSSSI noted that the Covid-19 pandemic continued to affect the shipping industry significantly in 2022 with foreign vessel calls remaining low due to international shipping lines lessening their vessel calls and/or consolidating their calls with other shipping lines due to a lack of cargo.
In response to the challenges of the pandemic, HSSSI said it implemented measures to adapt to the business issues presented by Covid-19 while ensuring the safety of its employees.
HSSSI’s subsidiaries and affiliates include Harbor Star Subic Corp., Harbor Star Energy Corp., Harbor Star East Asia (Myanmar) Ltd., Harbor Star Construction Corp., ASTRONERGY Development Gensan Inc., ASTRONERGY Development F1, Inc.; ASTRONERGY Development F2, Inc., and Malaysian tug operator Peak Flag Sdn Bhd.
As of December 2022, HSSSI, including its domestic subsidiaries and affiliates, has established operations in 11 base ports all over the country, providing services to approximately 8,086 ships as of yearend 2022. The major ports that the company services include Manila International Container Terminal, Manila South Harbor, Bataan, Batangas, Cagayan de Oro, Cebu, Davao and Iloilo.
The company maintains and manages a fleet of 62 vessels, comprising 52 domestically and internationally classed tugboats; seven barges; one landing craft tank; one dredger, and one other marine vessel.
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