-
24 million net profit reported in the first nine months of 2022 as Harbor Star Shipping Services Inc. turns around from a P130.45-million loss a year ago
-
Service income surges 69.95% as various business units report strong results
-
In the third quarter alone, HSSSI rebounds to P6.75 million profit from a P64.22 million loss in the same quarter last year
-
Malaysian unit Peak Flag Sdn Bhd took delivery of its third tugboat,TB Izar, at Port Klang in October
Harbor Star Shipping Services Inc. (HSSSI) recorded net profit of P427.24 million in the first nine months of 2022, a turnaround from the P130.45-million loss in the same period last year as service income surged nearly 70%.
The marine services provider, in a regulatory disclosure, reported that service income from January to September 2022 totaled P2.16 billion, up 69.95% from P1.27 billion in the same period last year.
The increase came mainly from stronger service income in the following business units: P457 million from salvage; P321.93 million from harbor assistance; P37.10 million from underwater services; P28.32 million from towing services; P24.08 million from other marine services; and P23.51 million revenue from solar power generation.
For the third quarter alone, Harbor Star nets P6.75 million from a loss of P64.22 million in the same quarter last year, while service income grew 67% to P671 million from P401 million.
The group’s total cost of services for the first nine months of 2022 increased 35.86% to P1.20 billion from P886.77 million in the same period last year mainly due to rising costs of fuel and lubricants, depreciation, transportation, insurances, repairs and others.
On October 6, HSSSI subsidiary Malaysian tugboat operator Peak Flag Sdn Bhd took delivery of TB Izar at Port Klang. The 48-ton bollard pull rated tugboat was acquired by Peak Flag from Japan to meet the current market demand for harbor tugs in Malaysia. TB Izar joined Peak Flag’s fleet of three other tugs, which are already on time charter with major ports and clients in Malaysia.
Aside from Peak Flag, other HSSSI subsidiaries 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., and ASTRONERGY Development F2, Inc.
As of December 2021, HSSSI has 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 of 62 vessels comprising 50 domestically and internationally classed tugboats; eight barges; one landing craft tank; one cargo ship; one tanker, and one dredger.
RELATED READ: Harbor Star back in black with first-half profit of P420M
